VANCOUVER (NEWS1130) – It’s not just the weather heating up this summer, so is the real estate market.
Sales are up all over the province, but the BC Real Estate Association says the Okanagan has posted a meteoric rise in demand from buyers, resulting in the most home sales on record for the region in July.
BCCREA Chief Economist Cameron Muir says with fewer properties for sale, it’s a seller’s market.
“Part of that is the influence of the Alberta market which has done quite well, the oil patch is doing extremely well. As a result, we are seeing a lot more activity from recreation buyers coming from Alberta as well as retirees.”
Muir says most markets in BC are in “balanced conditions” although some northern regions also saw sellers’ markets in July.
“If that’s sustained over a number of months, we’re likely to see some upward pressure overall on home prices.”
Home sales were up 11 per cent across the province in July, year-over-year.
BC residential sales dollar volume was up 24.5 per cent to $28.5 billion, compared to the same period last year. Residential unit sales were up 17.2 per cent to 50,376 units, while the average MLS residential price was up 6.2 per cent at $565,031.