It is cooling down a bit, but the real estate market in BC is still hot, and it is likely to stay that way for some time.
The BCREA says the average price of a home in BC was just over $915,000 in June, a 22% increase y-o-y.
Prices for condos are seeing less of a spike, as demand for single-family detached properties remains strong.
one of the consequences of the pandemic has been this shift into single-family detached, i.e more space.
Market activity has dipped slightly since hitting a record-high in mid-March, but overall sales increased 35% yoy.
The economy is growing at a 5-6% rate this year into an environment that is still very supportive of solid sales.