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

Cullen announces bid for provincial NDP nomination for Stikine riding

Current MLA Donaldson not seeking re-election

COVID on Central Coast prompts call for information sharing

At least four cases have been identified on the central coast

NAALS receives funding for new child care centre

This project incorporates a longhouse design and reflects a Nuxalk architectural approach.

Lorena Draney celebrates 100th birthday in Bella Coola

She still knows how to enjoy a good party!

Smoky skies from US wildfires continue to affect Bella Coola

There is a special air quality warning in effect from Environment Canada for our region

3 new deaths due to COVID-19 in B.C., 139 new cases

B.C. confirms 40 ‘historic cases,’ as well

Supreme Court Justice Ruth Bader Ginsburg dies at 87

The court’s second female justice, died Friday at her home in Washington

Application deadline for fish harvester benefits program extended

Those financially impacted by the pandemic have until Oct. 5 to apply

Emaciated grizzly found dead on central B.C. coast as low salmon count sparks concern

Grizzly was found on Gwa’sala-‘Nakwaxda’xw territory in Smith Inlet, 60K north of Port Hardy

VIDEO: B.C. to launch mouth-rinse COVID-19 test for kids

Test involves swishing and gargling saline in mouth and no deep-nasal swab

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Young Canadians have curtailed vaping during pandemic, survey finds

The survey funded by Heart & Stroke also found the decrease in vaping frequency is most notable in British Columbia and Ontario

B.C. teachers file Labour Relations Board application over COVID-19 classroom concerns

The application comes as B.C.’s second week of the new school year comes to a close

CHARTS: Beyond Metro Vancouver, COVID-19 cases in B.C. haven’t increased much recently

COVID-19 case counts outside of Metro Vancouver have been level since July

Most Read