June B.C. residential real estate sales volume down 9.6 percent from same month last year

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      The housing market is slowing across the province—and that's before this month's forest fires and hike in interest rates.

      The B.C. Real Estate Association has reported that multiple-listing-service sales were off 9.6 percent in June compared to the same month in the previous year

      The sales-dollar value of $8.47 billion was 5.6 percent below over the figure for June 2016, and listings were down 6.2 percent.

      However, the average MLS price for a residential unit was up 4.4 percent on a year-to-year basis, reaching $725,778.

      "Although home sales remain well off the record pace set last year, demand is still quite robust," BCREA economist Brendon Ogmundson said in a news release. "That demand is supported by a strong provincial economy and vigorous job growth.

      "But, supply remains a challenge," he continued, "which means most areas are seeing tight market conditions and significant upward pressure on prices."

      Sales volume remained above the 10-year average for June.

      B.C. Stats has reported that in the first quarter of 2017, there was combined international and interprovincial net inmigration of 12,075 people to B.C.

      That was slightly lower than net inmigration in the first three months of 2016.

      The net interprovincial migration from January to March this year was 3,526, and net international immigration to B.C. over this period was 8,549.

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