The good news – home prices remain steady. The average home price in BC has increased by nearly 8% compared to April 2019.
From the BCREA (British Columbia Real Estate Association) April news release:
The average MLS® residential price in BC was $737,834, a 7.8 per cent increase from $684,430 recorded the previous year.
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. That slide in total active listings means that prices remained firm despite the sharp fall in sales.
“We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”
Read the full article here.