B.C. Home Sales ‘Continue To Recover,’ says industry association after August bump

It wasn’t just the Lower Mainland: home sales were up across B.C. last month, according to the B.C. Real Estate Association (BCREA).

The agency says nearly 7,100 homes sold across the province in August, up 4.9 per cent from the same month last year.

BCREA deputy chief economist Brendon Ogmundson said the bump in numbers pointed to a recovery from a “policy-driven downturn.”

“Home sales have been rising through the spring and summer, but still remain well below pre (January 2018) stress test levels,” he added.

The BCREA said listings were also up 10 per cent in August over the same month last year.

The average price of a home in B.C. was $685,575, up 2.6 per cent year-over year, it said.

Around the province, however, the board found significant variation in price changes.

August prices were down year-over-year in Greater Vancouver (-3.7 per cent), the Fraser Valley (-2 per cent), Chilliwack (-3.5 per cent), Powell River (-5.4 per cent) and Victoria (-0.1 per cent).

But elsewhere in the province, there was growth.

Prices were up year-over-year in Kamloops (10.4 per cent), Vancouver Island (8.7 per cent) the north (6.4 per cent) and the Okanagan mainline region (3.2 per cent).

However, despite the summer uptick, the association said year-to-date sales continued to lag.

Total sales dollar volume for 2019 was down 16 per cent, or $34.9 billion, over the same period last year.

Total sales were down 12.2 per cent, while the average sales price was down 4.4 per cent year-over-year, at $686,303.


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