Gauging B.C. home price trends depends on where you look

According to the latest stats from the British Columbia Real Estate Association (BCREA), average residential prices were up as high as 21% in Greater Vancouver and 18% in Fraser Valley, but down as much as 27% in Powell River and down 8% in South Okanagan.

In the past year, Fraser Valley also overtook Victoria as the second priciest area based on average home price, now at $534,123 and $508,308 respectively.

Provincial home sales in B.C. were lower in April, down 14% from a year earlier to reach 7,187 units in April. No real estate board within the province reported any year-over-year gains in April sales, although sales were even in Powell River. Sales were down 30% in Okanagan Mainline and down 41% in Northern Lights.

“The province’s housing markets continue to exhibit a two steps forward, one step back trajectory in tandem with economic and employment growth,” said Cameron Muir, BCREA’s chief economist.

The province in April saw active listings drop 6%, although an exception was Victoria, where they rose 9%.

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