{"id":2373,"date":"2016-06-17T10:10:56","date_gmt":"2016-06-17T17:10:56","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=2373"},"modified":"2016-06-15T09:17:19","modified_gmt":"2016-06-15T16:17:19","slug":"bcrea-bcs-real-estate-sector-sets-a-new-record-in-may","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/06\/bcrea-bcs-real-estate-sector-sets-a-new-record-in-may\/","title":{"rendered":"BCREA BC\u2019s Real Estate Sector Sets a New Record in May"},"content":{"rendered":"<p style=\"text-align: justify;\">The number of residential units sold across British Columbia hit a record high in May, according to British Columbia Real Estate Association data released June 15.<\/p>\n<p style=\"text-align: justify;\">A total of 13,458 homes changed hands in the month, breaking the previous record of 12,969 units set just a month before. It was also 32% higher than the number of homes sold in May 2015.<\/p>\n<p style=\"text-align: justify;\">The total dollar value of homes sold in May was $9.72 billion, which is up 51% compared with last May. The average home sales price across the province was $722,146, up 14% compared with last year.<\/p>\n<p style=\"text-align: justify;\">\u201cRecord housing demand and dwindling inventories are continuing to push home prices higher in most B.C. regions,\u201d said BCREA chief economist Cameron Muir. \u201cTotal active residential listings across the province are nearly 30% lower than 12 months ago.\u201d<\/p>\n<p style=\"text-align: justify;\">Muir said demand is pushing new home construction activity to a near-record pace across BC.<\/p>\n<p style=\"text-align: justify;\">In Greater Vancouver alone, 4,910 units were sold in May, up 18.5% year-over-year. The total dollar value of all sales was $5.18 billion, which is a 38% increase over the $3.75 billion sold in May 2015.<\/p>\n<p style=\"text-align: justify;\">Muir pointed out that in Metro Vancouver, a record number of homes are currently under construction.<\/p>\n<p style=\"text-align: justify;\">\u201cOnce the current crop of homes are ready for occupancy, there will likely be more selection for home buyers and less upward pressure on home prices.\u201d<\/p>\n<p style=\"text-align: justify;\">The average home sales price in Greater Vancouver reached $1,055,495. This is a 16.5% increase from May 2015\u2019s average price of $905,701.<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/6\/bcs-real-estate-sector-sets-new-record-may-bcrea\/\" target=\"_blank\">BCREA BC\u2019s Real Estate Sector Sets a New Record in May<\/a> by Emma Crawford Hampel | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The number of residential units sold across British Columbia hit a record high in May, according to British Columbia Real Estate Association data released June 15. A total of 13,458 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/06\/bcrea-bcs-real-estate-sector-sets-a-new-record-in-may\/\">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-2373","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 BC\u2019s Real Estate Sector Sets a New Record in May &#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\/2016\/06\/bcrea-bcs-real-estate-sector-sets-a-new-record-in-may\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA BC\u2019s Real Estate Sector Sets a New Record in May &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The number of residential units sold across British Columbia hit a record high in May, according to British Columbia Real Estate Association data released June 15. 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