Low Supply in BC Area

During the month of May, the figure for home sales went down by nearly 8 per cent in the British Columbia area, unlike the year before. The tight inventory in majority of the regions had activities well limited.

Based on what the BC Real Estate Association said, the number of houses that were put down and available for sale had gone down by 50 per cent in the previous five years, and during May of this year, the number declined by about 1 per cent. As for demand, the story was quite different, as it experienced an increase this past spring.

The chief economist of BCREA, Cameron Muir said that the whole part of the southern portion of the province is going through lack of housing, as there seems to be a shortage of supply of homes, and this caused the prices of homes to continue going up in an upward trend, an outcome that appears inexorable, at least in the term to come.

Also in the month of May, 12,404 units were sold by the members of the association. The normal MLS residential price in the area has experienced an increase from the same period last year, the price was up by 4.2 per cent to $752,536.