New numbers from the B.C. Real Estate Association indicate home sales in June were up 14% from June of a year ago, but active listings dropped province-wide by 29%.
The average price in Greater Vancouver was over $1-million, up 11% from last June, but there was a 34% drop in active listings.
The average residential price in the Fraser Valley is now about $705,000, a 23% increase from June of 2015, but there were 34% fewer listings on MLS.
This is also the case in Chilliwack where the residential average price increased by 20% this June to well over $412,000, but there was a 34% drop in listings.
And listings in Victoria were down 50% in June, compared to June of a year ago.
Economist Brendon Ogmundson says the increase in price has (in part) to with the supply slide, with active listings significantly down.
Despite an increase for June numbers, Ogmundson was asked if things are cooling off since the start of 2016.
“We are clearly decelerating from the Spring months if we look at seasonally adjusted numbers, it looks we certainly peaked in the spring. I think affordability is a constraint.”
Ogmundson says sales in the Fraser Valley are increasing at a faster clip than greater Vancouver, up 26% year-to-date.
New home prices in Vancouver have risen for 12 consecutive months
Statistics Canada’s New Housing Price Index, shows housing prices rose in Vancouver (+1.1%) and Victoria (+1.1%).
This was the largest monthly price advance in Victoria since May 2007.