Updated July 1, 2021
Demand stays strong while supply is dwindling
After peaking in March, the provincial housing market is starting to calm, according to the BC Real Estate Association. Residential listings are down 17 percent year-on-year in May and flattening out across housing types.
In the Lower Mainland, listings are rising to meet supply, but outside of that they are flattening out. The market is “undersupplied” in the mid-range, including townhomes and houses under $1 million.
Some quick facts:
- A total of 12,638 residential unit sales were recorded by the MLS in May, a 178 % increase since May last year when things were put on hold by the pandemic
- Total sales dollar volume was $11.6 billion, a 251% increase from last year
- The average house price continues to rise, and in May it was $916,340 in BC, a 26.2% increase from last year
The market will cool over the summer
Experts say the market will continue to slow in the summer months, which is usually the case, but augmented this year by the fact that people will be focusing their energies on enjoying the eased pandemic restrictions rather than buying or selling.
Even as the market sees fewer listings, there will also be less competition for the properties available.