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2019 saw British Columbia home sales, prices dip: BC Real Estate Association

A real estate sign is shown in Victoria, B.C., on Friday, June 1, 2018. They say breaking up is hard to do - and that most often can be the case when it comes to leaving your realtor. Although not overly common, there may come a time when you want to ditch the real estate agent you have entrusted to sell or buy you a home.
A real estate sign is shown in Victoria, B.C., on Friday, June 1, 2018. They say breaking up is hard to do - and that most often can be the case when it comes to leaving your realtor. Although not overly common, there may come a time when you want to ditch the real estate agent you have entrusted to sell or buy you a home. THE CANADIAN PRESS/Chad Hipolito

Home sales across British Columbia dropped by 1.5 per cent in 2019, according to the BC Real Estate Association.

The agency said the average price of a home province-wide was $700,460, down 1.6 per cent from 2018, though that dip was a result of price drops in three key regions.

The agency said the market was trending upwards in the back half of the year, potentially setting the table for sales and prices to rise again this year.

READ MORE: Greater Vancouver December home sales surge 88 per cent year-over-year

“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA chief economist Brendon Ogmundson.

“This sets up 2020 to be a much more typical year than what markets have experienced recently.”

Prices and sales volume varied heavily by region, according to the BCREA.

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Is real estate in Metro Vancouver rebounding?
Is real estate in Metro Vancouver rebounding?

In B.C.’s north, sales were down more than six per cent, while prices were up just over five per cent.

The Okanagan Mainline saw sales dip 2.4 per cent and prices edge up 0.8 per cent, while the South Okanagan saw sales drop more than five per cent and prices climb three per cent.

READ MORE: Lower Mainland assessed home values dip after sluggish year for real estate market

Sales on Vancouver Island dropped a whopping 10 per cent, while prices still climbed five per cent.

Only Greater Vancouver (5.9 per cent), the Fraser Valley (3.5 per cent) and Victoria (1.7 per cent) saw prices drop.