(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

Kootenay-Columbia MP talks throne speech, USMCA trade deal

Rob Morrison to open constituency office in Cranbrook at 800C Baker St. on Dec. 19

Kootenay-Columbia MP reacts to leader’s surprise resignation

The resignation of Conservative Party leader Andrew Scheer caught members of his caucus by surprise

Wild Theatre presents “A Christmas Carol”

Wild Theatre and Mount Baker Music join forces this week to present… Continue reading

Kimberley Alpine Resort schedules opening day for December 18

Season pass holders can ski at RCR sister resorts for free until KAR opens.

Lynx basking in the sun in Bow Valley

Here’s something you don’t see every day. Kimberley resident Carol Flowers snapped… Continue reading

‘Not a decision I came to lightly:’ Scheer to resign as Conservative leader

Decision comes after weeks of Conservative infighting following the October election

‘British Columbians are paying too much’: Eby directs ICBC to delay rate application

Attorney General David Eby calls for delay in order to see how two reforms play out

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Couple who bought $120k banana duct-taped to wall say artwork will be ‘iconic’

Pair compared it to Warhol’s ‘Campbell’s Soup Cans,’ which was initially ‘met with mockery’

Race to replace Andrew Scheer could be a crowded one

Many familiar faces, such as Maxime Bernier, Jason Kenney, Doug Ford and Kevin O’Leary, have said no

Owner surrenders dogs chained up outside among scrap metal, garbage to BC SPCA

Shepherd-breed dogs were living in ‘deplorable conditions.’

B.C. plane crash victim identified; witnesses describe ‘explosion’

He was a flight instructor, charter pilot and owned an airstrip before leaving Alberta

BC Hydro offers tips as collisions with power poles increase

Region with the largest spike in collisions was the Lower Mainland at 16 per cent

Most Read