Does it feel like our Real Estate Market has Slowed Down? You're Right!

Housing market slowed down in April, but average price still rising at  record pace | CBC News

There were a total of 9,996 housing units sold last month in BC.  This is down signicantly from last March, our best month ever, when 15,073 homes changed hands, beating the previous all-time high of 13,482 home sales in May 2016.

From the peak of 15,073 sales in March 2021, sales fell over the following months with April at 13,683, May at 12,638 and June 11,070. Average prices peaked as well in March and have fallen each consecutive following month to an average price in BC of $891,687 in July 2021, which is a 17.1% increase from $761,772 recorded in July 2020.

Acquisition of a Commercial Legal Practice of Robert M Phelan & Co Pty - EM  Lawyers

But as I have been saying for some time, the supply of homes for sale poses a problem.  While sales remain robust, listing inventories are trending near record lows.

The total active home listings in BC were down 32.2% year-over-year in July, and continue to fall on a monthly seasonly adjusted basis. There were 24,473 active listings last July compared to 36,108 in July 2020.

The July 2021 sales-to-active-listings ratio was 39.5%, which means the market is solidly in seller's terrirtory.

At Keith Vines and Associates, we offer good old fashion service, working with our home buyers and sellers in a relaxed, friendly manner, applying every available tool available to achieve the best possible outcome. Please take a moment to sign up for Keith’s Grapevine – a periodic eletter full of interesting market news, advice and tidbits


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