(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

Missing man last seen in Chilliwack Sept. 7

Friends concerned for well-being of 44-year-old Jean Pierre Baril

Agassiz pawn shop ordered to pay thousands due to ‘criminal interest rate’

Pioneer Trading Post charged 25% interest a month, similar to other pawn shops in the region

First Nations given max compensation for Ottawa’s child-welfare discrimination

2016 ruling said feds didn’t give same funding for on-reserve kids as was given to off-reserve kids

Coquitlam woman killed on motorcycle along Highway 3 near Similkameen Falls

According to RCMP Sgt. Rob Hughes, the accident occured on an S-turn

Chilliwack’s Jordyn Huitema continues torrid scoring pace for PSG

Huitema, who signed with PSG in May, also scored twice Sunday

VIDEO: Vancouver Island mayor details emergency response after fatal bus crash

Sharie Minions says she is ‘appalled’ by condition of road where bus crashed

Federal party leaders address gun violence after weekend shooting near Toronto

One teen was killed and five people injured in the shooting

Conservatives promise tax cut that they say will address Liberal increases

Scheer says the cut would apply to the lowest income bracket

B.C. VIEWS: Cutting wood waste produces some bleeding

Value-added industry slowly grows as big sawmills close

Pedestrian struck and killed by vehicle in Surrey

Investigators were asking anyone who witnessed the incident to come forward

Fewer trees, higher costs blamed for devastating downturn in B.C. forestry

Some say the high cost of logs is the major cause of the industry’s decline in B.C.

Federal food safety watchdog says batch of baby formula recalled

The agency says it’s conducting a food safety investigation

Most Read