Last month, the British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 42.8% from the same month last year. There was a 12.7% increase in the average MLS® residential price in BC bringing it to $771,309 ($684,093 recorded the previous year). Total sales dollar volume in August was $7.8 billion, a 61.1% increase over 2019.
“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”
Total provincial active listings are still down more than 10% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was up 15.8% to $40.4 billion, compared with the same period in 2019. Residential unit sales were up 4.9% to 53,336 units, while the average MLS® residential price was up 10.4% to $757,504.
The average price and unit sales, broken down by statistics from each Real Estate Board can be found below:
Source: British Columbia Real Estate Association