![\"bc](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2020\/08\/bc-housing-market.jpg\")
<\/a>Photo:\u00a0Julius Jansson<\/a>\u00a0\/\u00a0Unsplash<\/a><\/em><\/p>\nJuly was a red hot month for the BC housing market as sales rocketed up by nearly 27 percent over the previous year.<\/p>\n
All told, there were 10,090 homes sold across the province last month, with seven regions, including Victoria, Greater Vancouver and Fraser Valley seeing sales volume increases of over 20 percent.<\/p>\n\n
Robust sales activity paired with a downward trend in active listings led to the average home price seeing a close to 13 percent increase over the same month in 2019, according to data published by the British Columbia Real Estate Association (BCREA) last week. The average sale price was $770,810 in July, up from $682,702 a year before.<\/p>\n
“The strong recovery in sales activity continued in July,” said BCREA Chief Economist Brendon Ogmundson, in a media release.<\/p>\n
“Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes,” he continued.<\/p>\n
The increase in average price combined with the significant rise in sales activity meant July\u2019s total sales dollar volume was up 43 percent to $7.8 billion.<\/p>\n
Perhaps most astonishingly, with July\u2019s figures included, year-to-date sales dollar volume is now up 8.4 percent to $32.5 billion even with the major market slowdown through the spring.<\/p>\n
According to BCREA, the regions that saw the largest average price increases in July were Powell River (up 30.7 percent), Victoria (up 25. percent) and BC Northern (up 16.5 percent).<\/p>\n
There were 10,090 homes sold across the province last month, with seven regions, including Victoria, Greater Vancouver and Fraser Valley seeing sales volume increases of over 20 percent.<\/p>\n","protected":false},"author":5,"featured_media":206869,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2020-08-17T17:48:47Z","apple_news_api_id":"f2f15e5f-7ce4-4c15-881f-4c561711111d","apple_news_api_modified_at":"2020-08-17T17:48:47Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A8vFeX3zkTBWIH0xWFxERHQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[8652],"apple_news_notices":[],"yoast_head":"\n