Join us as we dive into the residential sales statistics for the month of May. There has been a record number of sales of 13,458 residential units which is a 32.3% increase from May 2015 and a 3.77% increase from April 2016. The total sales dollar volume shot up by 51.1% compared to the same period last year to $9.72 Billion. In relation to the average MLS® residential price in BC, it increased 14.2% year-over-year to $722,146.
"Record housing demand and dwindling inventories are continuing to push home prices higher in most BC regions," said Cameron Muir, BCREA Chief Economist. "Total active residential listings across the province are nearly 30 per cent lower than twelve months ago."
"New home construction activity is at a near record pace in the province," added Muir. "Once 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."
As a result of the ongoing trend of demand outpacing supply, there are a record number of homes under construction in the Metro Vancouver market. The BC residential sales dollar volume on a year-to-date basis has jumped to $41 Billion which is an increase of 62% in relation to the same period in 2015. The residential unit sales increased by 35.2% to 54,455 units and the average MLS® residential price increased by 19% to $752,105.
Take a look below for a regional breakdown of MLS comparative data and the changes from May 2015 to May 2016.
Source: British Columbia Real Estate Association (BCREA)
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