According to the British Columbia Real Estate Association (BCREA), there was a total of 3,284 residential units recorded by the Multiple Listing Service® (MLS®) in April 2020. This is a decline of 50.8% from April 2019.
The average MLS® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9% decrease over 2019.
"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."
When compared to the same time last year, home sales were down by more than half. There is normally a rise in the homes for sale through springtime, but there was a 10% decrease on a seasonally adjusted basis and down 23.7% year-over-year.
Year-to-date, BC residential sales dollar volume was up 9.6% to $15.3 billion, compared with the same period in 2019. Residential unit sales were down 1.7% to 20,164 units, while the average MLS® residential price was up 11.6% to $758,614.