BC Homesales Closing Out an Unprecedented Year

January 13, 2021

BRITISH COLUMBIA – The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service (MLS) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”

A total of 8,268 MLS residential unit sales were recorded across the province in December, a record for the month and up 57.8 per cent from December 2019. The average MLS residential price in BC was $847,600, an increase of 12.5 per cent from December 2019. Total sales dollar volume was $7 billion, a 77.5 per cent increase year-over-year.

“While 2021 is expected to get off to a roaring start, the level of supply in the market is near a record low,” added Ogmundson. “That will likely translate to considerable pressure on prices until listings pick-up.”

Total active residential listings were down 16.1 per cent to 20,725 units in December.

BCREA

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