May brought encouraging news to the province’s housing sector. Analysts say recovery signs in the real estate market in British Columbia were encouraging last month, even though year-over-year numbers remained down. The British Columbia Real Estate Association (BCREA) said 4,518 residential homes were sold in May, up from April’s 3,284. Total sales dollar-wise grew from $2.4 billion to $3.3 billion.
Even though sales are still down significantly, that little jolt in May was enough for analysts to begin to look on the bright side. BCREA said listings started to go back to more normal levels in May as well. Active listings, however, are still down about 24% when looking year over year. In terms of residential unit sales, numbers were still down compared to 2019, however the average unit price was up by 9.6%, standing at $753,155.
The average price of a residential home in British Columbia dropped by more than $9,000 from April to May. The price now hovers at around $728,898. Analysts suggest these numbers are showing that the market is now experiencing encouraging signs of recovery.
British Columbia residents who are looking to buy or sell real estate should know something about the legalities involved in the industry. A lawyer experienced in real estate law might be able to provide the answers to confusing questions regarding the industry — such as contractual obligations and what it takes to close a deal. A real estate lawyer also stays abreast of what is happening in the market at any given moment and may be able to advise a client accordingly.