(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

Coast Mountain College announces interim president

Ken Burt, current president and CEO, will say goodbye to CMNT come September

Queen Charlotte crackdown

RCMP target impaired driving amidst rising numbers of the offence

Australian gold mining giant acquires Red Chris mine

Newcrest now owns 70 per cent of the mine south of Iskut and operatorship

Haida Gwaii storm causes B.C. ferry delay

Skidegate to Prince Rupert route affected

Rainfall warning for Haida Gwaii

High winds also expected to hit the islands

New study suggests autism overdiagnosed: Canadian expert

Laurent Mottron: ‘Autistic people we test now are less and less different than typical people’

B.C. father tells judge he did not kill his young daughters

Andrew Berry pleaded not guilty to the December 2017 deaths

Trans Mountain gives contractors 30 days to get workers, supplies ready for pipeline

Crown corporation believes the expansion project could be in service by mid-2022

Rosemount cooked diced chicken linked to listeria case in B.C.

The symptoms of listeria include vomiting, nausea, fever, muscle aches

B.C. seniors allowed more choice to stay in assisted living

Province doesn’t need to wait for a complaint to investigate care, Adrian Dix says

Retired B.C. fisherman wins record $60M Lotto Max jackpot

Joseph Katalinic won the biggest Lotto Max prize ever awarded

New ‘Matrix’ film set with Keanu Reeves and Lana Wachowski

Fourth installment to feature Reeves as Neo and Carrie-Anne Moss as Trinity

Most Read