Issue 20-109: MLS Sales
June 15, 2020
COVID-19 directives for social distancing continued to affect real estate activity in British Columbia in May. However, both listings and sales were up compared to April. There were 4,518 residential units sold in British Columbia, a decrease of 45.2% compared to May 2019. The value of home sales fell by 43.5% compared to the same month last year, driven by the decrease in sales volume as prices continued to climb (+3.2%) reaching an average of $728,898 for the month.
The decrease in unit sales was spread across all regions, ranging from a decline of 54.6% in Kootenay to 33.8% in South Okanagan.
The change in prices across regions was more mixed, with three of the twelve regions seeing lower prices compared to a year ago. The largest price increases were observed in Vancouver Island (+9.5%) and Kootenay (+4.2%), with the largest drops in prices in Powel River (-19.4%) and Northern Lights (-17.7%).
A leading indicator of real estate activity is the number of active listings in British Columbia, which fell by 23.8% in May compared to May 2019. The decline in active listings was widespread, with all but the Powell River region (+3.9%) reporting lower listings in the month.