The association says new listings hit a near record low, especially on Vancouver Island, and in the Interior.
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Home sales in B.C. slowed down a bit in July, as new listings hit a near record low, the B.C. Real Estate Association said Wednesday.
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The association reports that a total of 9,663 homes were sold in July, down 7.2 per cent from the same month last year, while the cost of a home went up.
The average price of all housing types in B.C. was $891,687, a 17.1 per cent increase from $761,772 recorded in July, according to the report. In Greater Vancouver, the average price was up 13.3 per cent to $1,176,189 from $1,037,702, and in the Fraser Valley prices jumped 27 per cent to $992,975 from $782,043.
“Provincial market activity slowed in July with both sales and listings declining on a seasonally adjusted basis,” said BCREA chief economist Brendon Ogmundson, in a statement Wednesday.
“While sales remain robust, listings activity continues to be a concern as inventories trend near record lows.”
