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

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