BC Housing Market Statistics for July 2016

The British Columbia Real Estate Association (BCREA) reports:

“ Housing demand has moderated in many regions of the province, after setting records earlier in the year,” said Cameron Muir, BCREA Chief Economist. “The less frenetic pace of home sales will likely provide a much needed boost to the inventory of homes for sale. The rate of home price appreciation is also expected to slow from the unsustainable level exhibited this spring.”

Year-to-date, BC residential sales dollar volume increased 45.5 per cent to $56.5 billion, when compared with the same period in 2015. Residential unit sales climbed by 25 per cent to 77,261 units, while the average MLS® residential price was up 16.4 per cent to $731,189.

9,900 residential unit sales were recorded by MLS in July. This is down 3.4 % from July of last year. Total sales volume was up 5.4 % compared to last year with an amount of $6.57 billion. Also the average residential price was up 9.1% from last year to $663,411.”

We know the Vernon real estate market well and would be more than happy to help you with your buying or selling needs.