BC Home Sales Continue at Below Average Pace in Around Town
The BC Multiple Listing Service® (MLS® ) recorded 19% less residential sales in June 2024 compared to June 2023. For Vancouver Island (north of Victoria), active listings were up from 2,973 in June 2023 to 3,999 this June, with 18% sold, compared to 28% in June 2023. For Powell River, active listings were up from 178 to 214, with 11% sold, compared to 17% in June 2023.
Sales activity is softer than June 2023, following last summer’s pause in rate hikes. However, the market continues to move towards a balanced territory, with both sales and active listings slowly increasing.
The residential average price on Vancouver Island was up 4% from June 2023, to an average $772,294. Prices in Powell River were up 3% to $651,646.
For all of BC, BC MLS® unit sales were 24 per cent lower than the ten-year average for June. Residential unit sales were down by 4.1 per cent year-over-year at 38,639 units, while the average MLS® residential price was up 2.3 per cent to $997,883.
Source: July BCREA Home Sales
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