Average B.C. home price now $737,834

April prices were up nearly 8 per cent despite sales cratering due to pandemic

By
Business in Vancouver
May 14, 2020





BCREA April 2020
— BCREA April 2020

A total of 3,284 homes were sold in April, according to new data from the British Columbia Real Estate Association (BCREA) – and the average price was up nearly 8 per cent from a year earlier.

Sales plunged 50.8 per cent compared with April 2019.

BCREA Chief Economist Brendon Ogmundson said the decline in sales was no surprise.

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” Ogmundson said. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

Despite the decline in unit sales, the average residential sale price, province-wide, increased 7.8 per cent in the 12 months to April. The price reached $737,834, compared with $684,430 a year ago. 

According to the BCREA, the price increase is tied to a decrease in active listings. 

“While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 per cent on a seasonally adjusted basis and down 23.7 per cent year-over-year,” the association said in a press release. 

“That slide in total active listings means that prices remained firm despite the sharp fall in sales.”

Year-to-date, sales dollar volume increased 9.6 per cent, to $15.3 billion, compared with the same period in 2019. This is driven by an 11.6 per cent year-over-year increase in prices, as total unit sales in the first four months of 2020 was 1.7 per cent lower than the same period last year.

 

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