Housing inventory at 20-year low, B.C. Real Estate Association says.
The BCREA, the provincial real estate professional association, says the supply of homes for sale is down 17 per cent from April 2016 and down 50 per cent since 2012 after adjusting for seasonal variance.
"We're really in almost uncharted territory where we see overall active listings in the market have been steadily declining for many years," said Cameron Muir, the BCREA's chief economist. "That has certainly lead to upward pressure in prices in most markets in the southern half of the province right now."