In June of this year, there was a 33.9 per cent decrease in the number of housing units sold compared to the same month in 2021, but the price of units continues to rise.
B.C., Victoria and Vancouver Island have similar changes this month with average prices, and active listings rising, but sales-to-active-listings, dollar volumes, and unit sales decreasing, according to the British Columbia Real Estate Association.
The three areas with the largest difference, according to the BC REA June update, are the percentage change in residential average price, percentage change in active listings, and dollar volume of residential sales.
In Victoria and Vancouver Island the residential average price is 10-12 per cent higher than the provincial total. The provincial total percentage change was 4.6 per cent, compared to 16.1 for Vancouver Island and 14.8 for Victoria.
Victoria and Vancouver Island also had significantly higher active listings percentage change, at 62.4 per cent for Vancouver Island, and 52.6 per cent for Victoria, compared to 16.4 per cent for the province.
Of the three areas, the province had the highest decrease in dollar volume for residential sales with a 32.8 per cent decrease, compared to 24.1 per cent for Victoria and 22.5 per cent for Vancouver Island.
Across the other real estate boards, Powell River had the highest increase in residential average price at 27.1 per cent. Chilliwack had the highest increases or lowest decrease in three categories. Highest increase in residential active listings at 106.9 per cent, largest decrease in dollar volumes for residential sales at a 49.9 per cent decrease, and the highest decrease in number of units sold at a 54.1 per cent decrease.
“While a still growing economy and robust population growth point to strong demand, it is increasingly difficult to satisfy that demand at current interest rates,” Brendon Ogmundson, BCREA's chief economist said in a news release. “As a result, sales activity across the province, but especially in more expensive markets, continues to slow.”
Laura Brougham
