BC Housing Market Activity Continues Moderating Trend in July

BC Housing Market Activity Continues Moderating Trend in July

Vancouver, BC – August 11, 2021.  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 percent over July 2020. The average MLS^® residential price in BC was $891,687, a 17.1 percent increase from $761,772 recorded in July 2020. Total sales dollar volume was $8.6 billion, an 8.6 percent 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 percent 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 percent to $73.4 billion, compared with the same period in 2020. Residential unit sales were up 85.4 percent to 80,461 units, while the average MLS^® residential price was up 21.2 percent to $912,379.

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BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research, and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.