FILE – A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS/Jonathan Hayward

B.C.’s real estate market shows ‘encouraging signs of recovery’ in May: association

Real estate listings, sales still down in B.C. as COVID recovery begins

The province’s real estate market showed “encouraging signs of recovery” in May, analysts said, even as it remained down year over year.

In a Monday (June 15) release, the B.C. Real Estate Association said a total of 4,518 residential unit sales were recorded in May, up from 3,284 in April. The average residential price dipped by just under $9,000 to $728,898 from April to May, while total sales dollar volume rose from $2.4 billion to $3.3 billion.

When looking at year-to-year figures, May 2020 residential unit sales were down 45.2 per cent from the year prior, while total sales dollar volume was down 43.5 per cent. The average residential price was up 3.2 per cent from 2019 to $728,898.

“There were encouraging signs of recovery in May,” said chief economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.”

The association said new listings did start to “normalize” in the first week of May, but active listings are still down nearly 24 per cent.

Year-to-date, residential unit sales were down 14.2 per cent compared to 2019, while the average price was up 9.6 per cent to $753,155.

MLS homesales, month-over-month. (BCREA)

READ MORE: Home prices won’t recover from COVID for at least 2 years, CMHC says

READ MORE: B.C. Real Estate Association calls for stop to open houses during pandemic


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

CoronavirusReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Unexpected snow on Okanagan Connector, Pennask Summit

As of 6:15 p.m. DriveBC cameras displayed surprise snowfall on highway

Interior Health identifies more locations with COVID-19 exposure in Kelowna

Anyone who participated in events in the Kelowna downtown and waterfront area between June 25 and July 6 should monitor closely for symptoms

COVID-19 cases identified in Kelowna, after public gatherings

Those who were downtown or at the waterfront from June 25 to July 6 maybe have been exposed to COVID-19.

Wage subsidy will be extended until December amid post-COVID reopening: Trudeau

Trudeau said the extension will ‘give greater certainty and support to businesses’

Vernon Mounties share video of cyclist hit by vehicle, assaulted

Police release short video clip of cyclist struck by SUV in March 2020, and photos of suspects

Missing woman last seen in Lumby

Vernon North Okanagan RCMP seek public’s help in locating 32-year-old woman

Trudeau apologizes for not recusing himself from WE decision

He says his and his family’s longtime involvement with the WE organization should have kept him out of the discussions

Beverly Hills 90210 star’s family selling Vancouver Island Beach Resort

You can own Jason Priestley’s Terrace Beach Resort in Ucluelet for less than $5 million

Islanders want BC Ferries to follow order that lets residents board before tourists

For ferry-dependent communities, ferries are often the sole practical lifeline to work, school or medical appointments.

Washington’s NFL team drops ‘Redskins’ name after 87 years

The franchise was given the name back in 1933, when it was still in Boston

Okanagan sisters-in-law sleep out successful

Kiley Routley and Heidi Routley raise nearly $2,400 and awareness for youth homelessness

Most Read