MLS® residential sales in the province posted the second strongest June on record. When compared to a year ago, home sales are up 25 per cent. On a seasonally adjusted basis, home sales 0.4 per cent from May.
While consumer demand has been surging, the supply of homes for sale continues to decline. The inventory of homes for sale fell 15 per cent in June, and on a seasonally adjusted basis are now at a seven year low. The imbalance between supply and demand has tipped many areas of the province into seller’s market territory.
Market conditions in the Lower Mainland and on Vancouver Island are particularly tight, prompting a sharp rise in home prices, particularly for single detached homes.