{"id":20253,"date":"2022-07-12T10:10:00","date_gmt":"2022-07-12T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20253"},"modified":"2022-07-12T09:06:06","modified_gmt":"2022-07-12T16:06:06","slug":"bcrea-its-difficult-to-satisfy-the-economy-population-growth-demand-at-current-interest-rates","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/07\/bcrea-its-difficult-to-satisfy-the-economy-population-growth-demand-at-current-interest-rates\/","title":{"rendered":"BCREA It&#8217;s Difficult to Satisfy The Economy &#038; Population Growth Demand at Current Interest Rates"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 July 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in June 2022, a decrease of 35.7% from June 2021. The average MLS\u00ae residential price in BC was $951,105, a 4.6% increase from $909,657 recorded in June 2021. Total sales dollar volume was $6.8 billion, a 32.8% decline from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile a still growing economy and robust population growth point to strong demand, it is increasingly difficult to satisfy that demand at current interest rates,\u201d said BCREA Chief Economist. \u201cAs a result, sales activity across the province, but especially in more expensive markets, continues to slow.\u201d<\/p>\n<p style=\"text-align: justify;\">For the second straight month, year-over-year provincial active listings rose, with listing in June 16.4%t higher than this time last year. While active listings remain below what is typical for a balanced market, some markets and housing types have tipped into balanced or even buyers\u2019 market territory as sharply higher mortgage rates push potential buyers to the sidelines.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 17% to $53.5 billion compared with the same period in 2021. Residential unit sales were down 27.6% to 51,202 units, while the average MLS\u00ae residential price was up 14% to $1.05 million.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-06.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/high-mortgage-rates-keeping-potential-buyers-sidelined\/\" target=\"_blank\" rel=\"noopener\">High Mortgage Rates Keeping Potential Buyers Sidelined<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 July 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/07\/bcrea-its-difficult-to-satisfy-the-economy-population-growth-demand-at-current-interest-rates\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20253","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA It&#039;s Difficult to Satisfy The Economy &amp; Population Growth Demand at Current Interest Rates &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/07\/bcrea-its-difficult-to-satisfy-the-economy-population-growth-demand-at-current-interest-rates\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA It&#039;s Difficult to Satisfy The Economy &amp; Population Growth Demand at Current Interest Rates &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 July 12, 2022. 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