(Black Press Media files)

June sees drop in home sales, prices for real estate across B.C.: report

Sales dropped by 11.8%, while prices fell by 4%

Homes sales dropped by 11.8 per cent this June, compared to the same month the year prior, a B.C. Real Estate Association report said.

In a report released Monday, the association found that 6,960 home sales were recorded in June, down from 7,889 last year.

Some of the biggest drops were in the South Okanagan, which saw a year decline of 23.5 per cent in sales, Kamloops with a decline of 20.1 per cent and Vancouver Island with a decline of 17.1 per cent. Greater Vancouver saw a drop of 15 per cent, while the Fraser Valley saw a drop of 9.9 per cent.

Association deputy chief economist Brendon Ogmundson attributed the dip in home sales to a static qualifying rate for mortgages, which offset the drop in mortgage rates to just under three per cent.

Home prices also dropped by four per cent across B.C., with the average price of a home in the province declining from $716,045 in June 2018 to $687,584 this June.

The biggest drop was seen in Greater Vancouver, where the average home price dipped below a million dollars to $980,635, and the South Okanagan, which saw a decline of 4.6 per cent to $422,824.

The Fraser Valley saw a moderate dip of 1.6 per cent, down to $741,786.

READ MORE: Greater Vancouver condo prices drop for the first time since 2014


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

New film probes funding of anti-oil activism

The work of researcher Vivian Krause has been compiled into film format… Continue reading

Climate, reconciliation and industry top all candidates agenda in Terrace

Debate was the candidate’s last opportunity to address voters in a public forum

Climate change, economy and reconciliation take centre stage at Oct. 15 All-Candidates Forum

Six of the eight candidates were in attendance at the Smithers event

Renewal plan for 9th to be subject of meeting

District, businesses to consider options

Second young woman dies after rollover crash near Williams Lake

‘Someone’s going to get her heart, which is awesome, because she has the best heart in the world’

Google searches for ‘how to vote’ surge on Election Day

Interest spikes despite social media campaign by Elections Canada

Alberta man pleads guilty, fined for hunting without a licence in North Island

It’s the responsibility of each hunter or angler to know whether they are considered a B.C. Resident.

B.C. mayor apologizes for removal of Queen’s portrait from council chambers

‘I prefer to be inclusive of the many aspects of our history’

Alcohol a possible factor in crash that killed 17-year-old girl near Williams Lake

A pickup truck left the road and rolled over on Highway 20 on the weekend

Rare bird spotted in Victoria draws enthusiasts from across the continent

It’s the first time a yellow-browed warbler has been reported on the mainland of North America

B.C. woman must pay $1,000 after unleashed dog bites another

Owner should never have left Bibi unattended, tribunal member wrote

Climate activist Greta Thunberg’s mural defaced in Edmonton

The eyes on the portrait were blacked out

Most Read