While activity has been down in the Metro Vancouver area, British Columbia as a whole saw a small increase in MLS home sales in July. According to an article in The Vancouver Sun, this marks the first monthly gain since March.
Written by Bryan Yu, econmist with Central 1 Credit Union, the article notes that Kamloops, Kootenay, Chilliwack and Vancouver Island (excluding Victoria) experienced sharped gains in July. These gains helped boost provincial sales by nearly two per cent from June to July.
“Rising/stable sales in the Interior and Vancouver Island are a sign that housing conditions are steadying in markets hard hit by the recession and subsequent slump in recreational/ retiree demand, but low sales-to-active listings ratios point to a persistent and significant excess of inventory relative to still-weak demand,” says Yu in the article.
“In comparison, B.C.’s northern markets remained relatively stronger, underpinned by commodity-related economic activity.”
Yu notes that July’s year-over-year sales were just under 44,800 units which is down eight per cent from the same period in 2011.