The British Columbia Real Estate Association (BCREA) reports that a total of 11,070 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2021, an increase of 34.7 per cent over June 2020. The average MLS® residential price in BC was $910,445, a 22.2 per cent increase from $745,194 recorded in June 2020. Total sales dollar volume was $10.1 billion, a 64.6 per cent increase from last year.
“As expected, housing market activity is calming to start the second half of 2021,” said BCREA Chief Economist Brendon Ogmundson. “That said, while down from record highs earlier this year, home sales across the province remain well above long-run average levels.”
Total active residential listings were down 23.4 per cent year-over-year in June and continued to fall on a monthly seasonally adjusted basis.
Year-to-date, BC residential sales dollar volume was up 161.6 per cent to $64.7 billion, compared with the same period in 2020. Residential unit sales were up 114.3 per cent to 70,690 units, while the average MLS® residential price was up 22.1 per cent to $915,563.
As you can see from the latest numbers Kelowna and the Central Okanagan Area (Interior) sales prices are up 28.5% on this time last year.
Inventory continues to be significantly lower, by 47.7%, and at 49.4%, listings are continuing to sell much quicker.
While I am hearing from clients in the Lower Mainland things are slowing there, we are still seeing strong demand in Kelowna and the surrounding area, and one of the main reasons sales numbers are falling here is through lack of suitable inventory, rather than a pullback in the market.