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

B.C. salmon farms challenge activists’ demands for site closures

News reporting also unfair, inaccurate and distorted

Tofino considers beach fire ban after tumultuous summer

“It’s a juggling act, constantly.”

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

Vancouver Island Indigenous leaders supportive of B.C.’s new plan for old forest preservation

More than 260,000 hectares in Clayoquot Sound mapped for immediate old growth harvesting deferral

HISTORY COLUMN: Reflecting on the 32nd anniversary of Canada’s apology to Japanese-Canadians

Japanese-Canadians an integral part of Tofino and Ucluelet’s history.

105 new COVID-19 cases, 1 death as health officials urge B.C. to remember safety protocols

There are currently 1268 active cases, with 3,337 people under public health monitoring

B.C. VOTES 2020: Few solutions offered for ‘out of control’ camping

B.C. Liberals, NDP spend millions as problem keeps growing

National child-care plan could help Canada rebound from COVID-induced economic crisis: prof

A $2 billion investment this year could help parents during second wave of pandemic

Action demanded over death of First Nations youth in Abbotsford group home

Family and Indigenous organizations push for thorough investigation

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

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

B.C. nurses report rise in depression, anxiety, exhaustion due to pandemic

A new UBC study looks into how the COVID-19 response has impacted frontline nurses

Parksville pedestrian airlifted to hospital in Vancouver after nighttime collision

Police report man’s injuries were ‘significant’ but not life-threatening

Horgan frustrated as Transport Canada mandate for BC Ferry riders returns

Transport Canada reinstates rule that bans passengers from lower decks

Most Read