During the month of May, the number for home sales went down by nearly 8% in the British Columbia area, unlike the year before. The tight inventory in majority of the regions had its 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 drastically gone down by 50% in the previous five years. In addition to that, during the month of May this year, the number waned by about 1%. 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 a debility of lack of housing, as there seems to be a shortage of supply of homes. Nonetheless, this has been occasioned the prices of homes to continue surging in an upward trend, an outcome that appears very difficult to stop, at least in the term to come.
Additionally, 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% to $752,536.
J C Loum