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

Comments are closed

Just Posted

Coalmont woman airlifted after ATV crash

Off-road vehicle swerved to miss oncoming traffic

Summerland campground to provide COVID-safe accommodations for temporary farm-workers

The managed seasonal worker campsite will be located within a separated area of Peach Orchard Municipal Campground

QUIZ: A celebration of dogs

These are the dog days of summer. How much do you know about dogs?

Princeton high school drops ‘Rebels’ sports team name, citing links with U.S. Civil War

Name and formerly-used images “fly in the face” of the district’s human rights policy, says board chair

Bench plaque recognizes former Summerland firefighter

Volunteers with fire department set up plaque in honour of Richard Estabrooks

B.C. accommodators need phone lines to light up as in-province travel given green light

Travel restrictions during the COVID-19 pandemic have decimated the tourism and hospitality industries

Coalmont woman airlifted after ATV crash

Off-road vehicle swerved to miss oncoming traffic

Milestone RCMP Cops For Kids fundraiser ride going virtual

You can join and help RCMP raise funds for families and possibly win 20th anniversary cycling shirt

300 Cache Creek residents on evacuation alert due to flood risk as river rises

Heavy rainfall on Canada Day has river rising steadily, threatening 175 properties

No abandoned Seadoo found on Coldstream lake

Vernon Search and Rescue crews and RCMP unable to find reported abandoned Seadoo on Kal Lake

Kelowna high school football star, water skier, signs with University of Calgary

Isaac Athans, and his family, have a long history of success across various sports in the Okanagan, nationally

First glimpse of Canada’s true COVID-19 infection rate expected mid-July

At least 105,000 Canadians have tested positive for COVID-19 since the coronavirus was identified

Police ramp up efforts to get impaired drivers off B.C. roads this summer

July is dedicated to the Summer CounterAttack Impaired Driving Campaign

Migrant workers stage multi-city action for full status amid COVID-19 risks

‘COVID-19 has exacerbated an existing crisis’

Most Read