B.C. housing market cooling, but still above average

A new report from the British Columbia Real Estate Association (BCREA) shows sales increasing by 34.7 percent compared to last June but dropping compared to the springtime.

The report also says that the average residential price is $910,445, a 22 percent increase over June 2020.

“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.”

The Greater Vancouver Area (GVA) was the most popular area to buy a property with 3,825 sales in June 2021, a 53 percent increase compared to June 2020. This area is also the most expensive to move to in B.C., with house prices averaging out at $1.1 million.

Fraser Valley followed that up with 2,182 sales, a 34 percent increase in sales. House prices here are marginally lower than the GVA at $979,521.

Source: BCREA

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