{"id":6207,"date":"2017-06-13T06:56:41","date_gmt":"2017-06-13T13:56:41","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=6207"},"modified":"2017-06-13T06:56:41","modified_gmt":"2017-06-13T13:56:41","slug":"housing-supply-not-keeping-pace-with-demand-in-most-bc-regions","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2017\/06\/housing-supply-not-keeping-pace-with-demand-in-most-bc-regions\/","title":{"rendered":"Housing Supply Not Keeping Pace with Demand in Most BC Regions"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in May, down 7.9% from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0% from May 2017. The average MLS\u00ae residential price in the province was $752,536, a 4.2% increase from the same period last year.<\/p>\n<p style=\"text-align: justify;\">\u201cMarket conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,&#8221; said Cameron Muir, BCREA Chief Economist. &#8220;The supply of homes for sale in the province has fallen 50% over the past five years.&#8221;<\/p>\n<p style=\"text-align: justify;\">&#8220;The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term,&#8221; added Muir. Total active listings in the province were down 11.1% to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20% in nine of the province&#8217;s 11 real estate boards, and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1% to 43,158 units, while the average MLS\u00c2\u00ae residential price was down 5.7% to $709,541.<\/p>\n<p>\u00a0\u00a0\u00a0\u00a0 <a href=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea.gif\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-6208\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-300x169.gif\" alt=\"\" width=\"549\" height=\"309\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-300x169.gif 300w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-768x432.gif 768w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-420x236.gif 420w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-310x174.gif 310w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2017\/06\/bcrea-630x354.gif 630w\" sizes=\"auto, (max-width: 549px) 100vw, 549px\" \/><\/a><\/p>\n<p><a href=\"http:\/\/www.bcrea.bc.ca\/docs\/news-2017\/2017-05.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 June 13, 2017. The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2017\/06\/housing-supply-not-keeping-pace-with-demand-in-most-bc-regions\/\">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-6207","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>Housing Supply Not Keeping Pace with Demand in Most BC Regions &#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\/2017\/06\/housing-supply-not-keeping-pace-with-demand-in-most-bc-regions\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Housing Supply Not Keeping Pace with Demand in Most BC Regions &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 June 13, 2017. 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