BC Housing Market Continues Record Pace In October

November 12, 2020

Brendon Ogmundson

BRITISH COLUMBIA – The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service (MLS) in October 2020, an increase of 43.8 per cent from October 2019. The average MLS residential price in BC set a record of $812,960, a 12.5 per cent increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8 per cent increase over 2019.

“The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14 per cent lower in October 2020 compared to 2019.

Year-to-date, BC residential sales dollar volume was up 29.7 per cent to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3 per cent to 76,140 units, while the average MLS residential price was up 11.5 per cent to $771,085.

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