Latest news with #BrendonOgmundson
Global News
5 days ago
- Business
- Global News
B.C. home sales up in July but down year-to-date
See more sharing options Send this page to someone via email Share this item on Twitter Share this item via WhatsApp Share this item on Facebook Sales of homes in British Columbia grew in July compared with the same month last year, but year-to-date numbers show transactions remain slower. The British Columbia Real Estate Association says there were about 7,000 residential unit sales in the province last month, up 2.2 per cent from the numbers reported in July 2024. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Just under 43,000 homes sold in B.C. in the first seven months of this year, down 5.7 per cent from 2024 levels during the same period. The association's chief economist Brendon Ogmundson says the numbers show markets in the province building momentum through the summer, with sales activity higher in all regions except the Lower Mainland. Ogmundson says the association expects continued improvement in the market as 'tariff uncertainties fade.' The average residential unit price listed on the market in July fell 2.1 per cent to $942,686, while the total sales dollar volume stayed flat at $6.7 billion. Story continues below advertisement
CTV News
5 days ago
- Business
- CTV News
B.C. residential unit sales up in July but down year-to-date, association says
New single family houses billed as estate cottages and townhouses under construction are seen in an aerial view, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck VANCOUVER — Sales of homes in British Columbia grew in July compared with the same month last year, but year-to-date numbers show transactions remain slower. The British Columbia Real Estate Association says there were about 7,000 residential unit sales in the province last month, up 2.2 per cent from the numbers reported in July 2024. Just under 43,000 homes sold in B.C. in the first seven months of this year, down 5.7 per cent from 2024 levels during the same period. The association's chief economist Brendon Ogmundson says the numbers show markets in the province building momentum through the summer, with sales activity higher in all regions except the Lower Mainland. Ogmundson says the association expects continued improvement in the market as 'tariff uncertainties fade.' The average residential unit price listed on the market in July fell 2.1 per cent to $942,686, while the total sales dollar volume stayed flat at $6.7 billion. This report by The Canadian Press was first published Aug. 13, 2025.
Yahoo
5 days ago
- Business
- Yahoo
B.C. residential unit sales up in July but down year-to-date, association says
VANCOUVER — Sales of homes in British Columbia grew in July compared with the same month last year, but year-to-date numbers show transactions remain slower. The British Columbia Real Estate Association says there were about 7,000 residential unit sales in the province last month, up 2.2 per cent from the numbers reported in July 2024. Just under 43,000 homes sold in B.C. in the first seven months of this year, down 5.7 per cent from 2024 levels during the same period. The association's chief economist Brendon Ogmundson says the numbers show markets in the province building momentum through the summer, with sales activity higher in all regions except the Lower Mainland. Ogmundson says the association expects continued improvement in the market as "tariff uncertainties fade.' The average residential unit price listed on the market in July fell 2.1 per cent to $942,686, while the total sales dollar volume stayed flat at $6.7 billion. This report by The Canadian Press was first published Aug. 13, 2025. The Canadian Press Sign in to access your portfolio
CTV News
15-07-2025
- Business
- CTV News
‘Metro Vancouver is really lagging': B.C. sees real estate gains in some areas: Report
British Columbia's real estate sales are picking up in some areas of the province. New data from the British Columbia Real Estate Association (BCREA) found that there were 7,162 residential MLS sales recorded in June 2025, an increase of 1.3 per cent year over year. Last month, the average MLS residential price in B.C. was down 4.2 per cent at $954,065 compared to $995,614 in June 2024, according to the BCREA. The most substantial year-over-year increase was seen on Vancouver Island, with a jump of 18.8 per cent more sales, including Victoria, which saw 740 more homes sold. Northern B.C. saw a jump of 11.7 per cent while the Okanagan and parts of the interior all experienced gains last month. 'Mostly markets on the island, markets in the interior have more or less gotten back to normal after a pretty slow start to the year,' said BCREA Chief Economist Brendon Ogmundson. 'But Metro Vancouver is really lagging.' Ogmundson went on to say that a normal month in Greater Vancouver would typically see 3000 sales, but so far this month that number is at 2100. The reason remains unclear, but Ogmundson believes the threat of United States tariffs is causing buyers to hit pause on their plan to enter the market due to their future finances being uncertain. BCREA's report also found that the sales dollar volume was $6.8 billion, which was a 3 per cent decrease from the same time the previous year. Overall, the BC MLS unit sales were 23 per cent lower than the ten-year June average, according to the data.
Global News
13-06-2025
- Business
- Global News
Sellers ‘aren't budging' as inventory builds up in tariff-saddled B.C. real estate market
Ongoing uncertainty in global markets is having a homegrown effect on British Columbia's real estate market. Both sales and prices slumped last month, according to data B.C. Real Estate Association — part of a provincewide trend of sluggish sales activity over the last five months, with the priciest markets being hit the hardest. 'We have the highest level of inventory of both newly completed homes and existing homes in about 10 years,' B.C. Real Estate Association Chief Economist Brendon Ogmundson. 4:14 BCREA wants to make short-term rental restrictions less restrictive 'Sellers just aren't really budging. If you look at condo prices in Vancouver versus Toronto, they're down 20 per cent from peak in Toronto, they are down like 5 per cent from peak in Vancouver.' Story continues below advertisement Data supplied by the group showed sales were down 13.5 per cent over May 2024, while the average price of a home slid by 4.2 per cent to $959,058 from just over $1,001,341. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Vancouver Realtor Steve Saretsky said the market has become caught in a 'sort of feedback loop' because people are holding off on big purchases. 'Everyone is marked with uncertainty, worried with the tariff stuff, worried about the prospects of the labour market, are they going to be able to hold down a job,' he said. 'So what we are seeing is a lot of buyer hesitation, and that is allowing inventory to stack up and as the inventory stacks up, that just puts pressure on prices.' At the same time, he said some sellers are still holding out for unrealistic prices. 2:50 Why buying a condo could be cheaper than renting 'Everybody always feels like their house is worth more than it is, and people are always mentally anchored to the last price that sold in the building or the neighbourhood,' he said. Story continues below advertisement Both Saretsky and Ongmundson said they've seen numbers pick up slightly in recent weeks. Ongmundson said that could be linked to the relative lack of noise on the U.S.-Canada trade front. 'There are some signs that perhaps the worst is behind us,' he suggested. 'The quieter it is on the tariff front, the more confidence buyers are going to have.' Ongmundson added that before U.S. President Donald Trump launched his trade war, the province had been expecting a busy year on the real estate market. He said if economic fears calm down, some of that pent-up demand could start to make itself felt in the back half of 2025.
