Stability with growth returning after Covid-19 for Home Prices

Posted by Denise Dumbrell
Apr 18th, 2019 at 1:32pm

The June report published about mid July will show much more interesting numbers than the May report but it does show the effects of Covid-19 on one of the larger segments of BC's Econoimy. Information from the Vancouver Island Real Estate Board indicates The Island as a wholw is quickly recovering with the greatest sales increases in The Areas of Parksville , Qualicum where volumes are up and values are strong. Nanaimo has shown some increases and Courtenay Comosx is also comming back very quickly


For more info call us at 250-248-9996.  Denise or Wayne Dumbrell

Housing Market Activity Shows Signs of Recovery in May

Vancouver, BC – June 15, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 4,518 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2020, a decline of 45.2 per cent from May 2019. The average MLS® residential price in BC was $728,898, a 3.2 per cent increase from $706,394 recorded the previous year. Total sales dollar volume in May was $3.3 billion, a 43.5 per cent decrease over 2019. 

“There were encouraging signs of recovery in May,” said BCREA Chief Economist Brendon Ogmundson. “While activity is still far below normal, both sales and listings are up significantly from April’s lows.”

New listings activity started to normalize around the first week of May, reversing a slide in total active listings. However, active listings are still down close to 24 per cent year-over-year and are more than 10,000 listings below where they would normally be in the spring months.

Year-to-date, BC residential sales dollar volume was down 6 per cent to $18.6 billion, compared with the same period in 2019. Residential unit sales were down 14.2 per cent to 24,695 units, while the average MLS® residential price was up 9.6 per cent to $753,155.   
For more information, please contact:  

Brendon Ogmundson
Chief Economist
Direct: 604.742.2769
Mobile: 778.505.6793
BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate 

 2019 Real Estate Stats for Vancouver Island,


When it comes to the Vancouver Island real estate market,we have experienced a very positive market with increasing demand for over 45 years. Till Mid March 2020 the 2020 market was showing over 40 percent increases over the previous years in many areas . We are now starting to see an small increase in inventory  and the result is correctly valued homes are still selling while over priced properties are not moving as fast.  There is stability in the market in pricing and this has been brought about rather suddenly by the C-19 economic world shutdown  Within a bit over a month, the phones started ringing and the declared essential Real Estate and Construction businesses are going. The Stress test is throughout Canada has been having a major effect on markets which is  change between Federal and Provicial regulatory changes throughout 2020 and 2021  in order to get the ecomomy goig where those rukes were designed to slow the economy.These changes will attract many buyers to home ownership.


The good news - is people are realizing quickly you cannot give up on lifes dreams and aspirations over the effects of C-19. It is time to get going and this will as it has before happen with a built up demand pushing the real  estate market forward.  There is an old saying "History repeats itself" and it is happening again as it did with the the wars and recessions  . Those that got up and going in all those instance came out the winners and most did this thru real estate investments (not what you hear from the investment community but just read the history books).  ALTHOUGH SALES VOLUMES ARE OFF SLIGHTLY for the short term the enquires are happening and   PRICES ARE REMAINING  STABLE, Inventories are increasing and developments and home builders are out there working.

The market is becoming more balanced, compared  to the pre C-19 drop which was when we saw a stronger seller's market   This is a build up period for the economy as the world has seen in the past people will keep moving forward, retirees will retire, people still need and want housing. One of the issues we are noticing, and is hampering sales, is over-pricing. This balanced market has tempered some of the price spikes we saw  years ago, where homes sold for high prices. . Those same rules of supply and emand work as well today as they always have. Those that understand  prices must  reflect today's market will move forward leaving behind those who do not adapt. To get a clear value of your Real Estate values, budgeting and or Mortgage needs acll Denise or her associates at 250-248-9996.


March 2019 Single-Family Home Benchmark Prices for Vancouver Island

Single-Family Home 2018 / 2019 Price Comparison

This is how home prices on Vancouver Island compared from March 2019 to March 2018.

Single-Family Home 2018 / 2019 Price Comparison

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