2019 saw British Columbia home sales, prices dip: BC Real Estate Association

Home sales across British Columbia dropped by 1.5 per cent in 2019, according to the BC Real Estate Association.

The agency said the average price of a home province-wide was $700,460, down 1.6 per cent from 2018, though that dip was a result of price drops in three key regions.

The agency said the market was trending upwards in the back half of the year, potentially setting the table for sales and prices to rise again this year.

Greater Vancouver December home sales surge 88 per cent year-over-year

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA chief economist Brendon Ogmundson.

“This sets up 2020 to be a much more typical year than what markets have experienced recently.”

Prices and sales volume varied heavily by region, according to the BCREA.

In B.C.’s north, sales were down more than six per cent, while prices were up just over five per cent.

The Okanagan Mainline saw sales dip 2.4 per cent and prices edge up 0.8 per cent, while the South Okanagan saw sales drop more than five per cent and prices climb three per cent.

Lower Mainland assessed home values dip after sluggish year for real estate market

Sales on Vancouver Island dropped a whopping 10 per cent, while prices still climbed five per cent.

Only Greater Vancouver (5.9 per cent), the Fraser Valley (3.5 per cent) and Victoria (1.7 per cent) saw prices drop.

© 2020 Global News, a division of Corus Entertainment Inc.

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