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The federal and provincial governments have joined forces to significantly reduce development costs charges in BC. A separate program will see the government acquire 2,200 completed and unsold condos. Notably, very little of this inventory exists in the Central Okanagan. Meanwhile, home sales climbed to a new high in June, and with fewer active listings on the market than last year, the region is heading into summer with the tightest market conditions in years.
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The federal and provincial governments announced a new housing partnership that aims to significantly reduce development cost charges and convert new, unsold condos into affordable housing. Meanwhile, in June the Vancouver Region recorded its busiest month of home sales so far this year. Though there are signs that activity is rising and that market conditions are tightening, sales remained weak in a historical context.
Coachella Valley sales and new listings came in soft in June, even against a typically quiet month. The bigger story is beneath the surface: attached homes have slipped into buyers' market territory while detached inventory keeps shrinking.
King County sales fell to their lowest June total on record as inventory built to a new high. Cooling tech-sector hiring and softening in-state migration are adding to buyers' hesitancy heading into the back half of summer.
King County posted its fewest June sales in the available data while total listings climbed to a 13-year June high. That imbalance pushed months of inventory further from sellers' market territory, with townhomes and condos both edging closer to buyers' market conditions.
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