DAN McCARTHY

RE/MAX CREST

BLOG

RSS

Market Review.

Strong Start to the Summer, But Higher Interest Rates Loom.

Vancouver, BC – July 13, 2023. 


The British Columbia Real Estate Association (BCREA) reports that a total of 8,740 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2023, an increase of 21.9 per cent from June 2022. The average MLS® residential price in BC was $991,648, up 4.7 per cent compared to June 2022. The total sales dollar volume was $8.7 billion, representing a 27.6 per cent increase from the same time last year.

 

“June home sales continued to outperform expectations, following a very strong rebound in May,” said BCREA Chief Economist Brendon Ogmundson. “However, rising interest rates will likely dampen home sales activity in coming months.”

Active listings in the province were above 30,000 units for the first time since September 2022, but were still down 1.2 per cent compared to this time last year, and essentially flat month-over-month on a seasonally adjusted basis.

Year-to-date BC residential sales dollar volume was down 26.1 per cent to $39.4 billion, compared with the same period in 2022. Residential unit sales were down 21.1 per cent to 40,381 units, while the average MLS® residential price was down 6.4 per cent to $976,885.



table
 
 
  

I am committed to assisting you during your real estate transaction...
"EVERY STEP of THE WAY"
   
Please contact me at 604.649.1541 or email dan@danmccarthy.ca
 to be of further assistance.

 

Mobile: 604-649-1541
Office: 604-433-2211
Toll Free: 1-866-433-2211
Fax: 604-433-5274
RE/MAX Crest Realty
# 1 - 5050 Kingsway
Burnaby BC V5H 4C2