(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

KPU hosts first welding summer camp in Surrey for high school students

Weeklong course funded by LNG Canada and the Canadian Welding Bureau

Man injured in early-morning Surrey shooting

Police say it was targeted and it ‘may be connected to drug trafficking’

‘Do the right thing,’ implores sister of South Surrey stabbing victim

IHIT confirms male arrested in connection with Paul Prestbakmo’s death no longer in custody

Groovy South Surrey wedding a throwback to Woodstock ‘69

Couple hosts themed wedding 50 years after legendary festival

Bodies of two missing Surrey men found near Ashcroft: RCMP

Ryan Provencher and Richard Scurr have been missing since July 17

VIDEO: Could we BE any more excited? ‘Friends’ fans go crazy for merch

Movie theatres will show select episodes to mark the NBC series’ 25th anniversary

VIDEO: Organization’s stolen wheelchair van recovered on backroad near Hope

Wheelchair accessible van is only transportation for some people in Hope area

Officials say 50 Oppenheimer Park residents have agreed to leave, as deadline looms

Residents have been told they must be gone by 6 p.m. on Aug. 21

Five hedgehogs quickly adopted after being left at BC SPCA

Lucky new owners picked up their pets from Maple Ridge branch on Aug. 20

B.C. cricket players get interrupted by racist remark

Community has had protocols in place for years to respond to prejudice

Nearly 50% of Canadians experience ‘post-vacation blues’: poll

48 per cent of travellers are already stressed about ‘normal life’ while still on their trip

More women may need breast cancer gene test, U.S. guidelines say

Recommendations aimed at women who’ve been treated for BRCA-related cancers and are now cancer-free

B.C. manhunt suspects left cellphone video before they died: family

Family member says Kam McLeod, Bryer Schmegelsky recorded final wishes

Most Read