Low borrowing rates and high demand continues to fuel BC's housing market.
According to the latest report from the British Columbia Real Estate Association (BCREA), residential sales increased more than 25 percent in June, making it the second strongest June on record.
While consumer demand is growing, the supply of homes for sale has not kept pace. This imbalance has put pressure on prices in many areas of the province, most notably with respect to single-detached homes.
In the Greater Vancouver area, the average price for a home in June was $922,326, up more than 15 percent compared to the same month last year. In Victoria, the average price was $536,553, up more than eight percent compared to the same month last year.
Comparing June 2015 to June 2014, residential sales rose 25.6 percent and the total sales dollar volume was $7.1 billion, a 42.6 percent increase. The average MLS residential price in the province also rose to $631,962, a 13 percent increase, and year to date, BC residential sales dollar volume increased 36.8 percent to $32.6 billion.
Are you looking to buy or sell a home in the area? For some of the lowest mortgage rates Victoria, contact our team today.