The British Columbia Real Estate Association (BCREA) reports that a total of 9,663 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2021, a decrease of 7.2 per cent over July 2020. The average MLS® residential price in BC was $891,687, a 17.1 per cent increase from $761,772 recorded in July 2020. Total sales dollar volume was $8.6 billion, an 8.6 per cent increase from last year.
“Provincial market activity slowed in July with both sales and listings declining on a seasonally adjusted basis,” said BCREA Chief Economist Brendon Ogmundson. “While sales remain robust, listings activity continues to be a concern as inventories trend near record lows.”
Total active residential listings were down 32.2 per cent year-over-year in July and continued to fall on a monthly seasonally adjusted basis.
Year-to-date, BC residential sales dollar volume was up 124.7 per cent to $73.4 billion, compared with the same period in 2020. Residential unit sales were up 85.4 per cent to 80,461 units, while the average MLS® residential price was up 21.2 per cent to $912,379.
In Kelowna and the Central Okanagan area (now known as the Interior), Average prices are now $710,066, up 20.9% from this time last year and we are currently experiencing a 48% reduction in the number of listings, which is continuing to cause upward pressure on pricing.