The number of homes actually changing hands across the province saw a significant drop in June, according to the BC Real Estate Association.
The BCREA’s latest report, released on Monday, shows 7,082 homes were sold in June this year, a “19 per cent decrease from June 2023.”
According to the association, the biggest drop in home sales was in the Fraser Valley, with unit sales down by 32 per cent year over year in June, for a total of 1,255 sales.
Greater Vancouver also saw a large drop in sales, with a total of 2,418 transactions closing for a decrease of 18.5 per cent compared to the same time last year.
Outside of the Lower Mainland, the Okanagan, Kamloops, and South Peace River regions also saw home sales drop by more than 20 per cent, with unit sales decreasing by 21.8, 20.8, and 26.2 per cent, respectively.
While the number of home sales dropped, the BCREA says the price of homes still rose, albeit not by much.
“The average MLS residential price in BC in June 2024 was up 1 per cent at $998,159 compared to an average price of $988,632 in June 2023. The total sales dollar volume was $7.1 billion, an 18 per cent decline from the same time the previous year,” the BCREA said.
Residential home sales in B.C. totaled $38.6 billion in the first six months of this year, the association adds.
“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in rate hikes,” said BCREA chief economist Brendon Ogmundson.
“However, both sales and active listings continue to gradually inch upwards, keeping the market in balanced territory.”