There were 8,268 MLS^® residential unit sales recorded across the province in December, a record for the month which represents an increase of 57.8% from December 2019. The average MLS^® residential price in BC was $847,600, an increase of 12.5% from the same month last year. Total sales dollar volume was $7 Billion, a 77.5% 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.”

There were 93,953 residential unit sales recorded by MLS^® in 2020, an increase of 21.5% from the 77,350 units sold in 2019. The annual average MLS^® residential price in BC was $782,027, an 11.7% increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 Billion, a 35.6% 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.”

Total active residential listings were down 16.1% to 20,725 units in December. The average price and unit sales, broken down by statistics from each Real Estate Board can be found below. Year-over-year % change in parentheses.

The British Columbia Real Estate Association reports that a total of 9,416 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2020, an increase of 42.1% from November 2019. The average MLS® residential price in BC set a record of $816,074, a 9.3% increase from $746,310 recorded the previous year. Total sales dollar volume in November was $7.68 Billion, a 55.4% increase over 2019.

“Home sales were once again unseasonably strong in November with several markets setting records for the month,” said BCREA Chief Economist Brendon Ogmundson. “While demand continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result."

Active listings were down close to 14% year-over-year in November, which contributed to a 34.8% sales-to-active listings ratio. Consequently, the provincial average price rose 9.3% compared to this time last year with many markets seeing even stronger price growth.

Year-to-date, BC residential sales dollar volume was up 32.3% to $66.43 Billion, compared with the same period in 2019. Residential unit sales were up 18.7% to 85,625 units, while the average MLS® residential price was up 11.4% to $775,845.

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

For April 2020, there was a 50.8% decline in residential unit sales recorded by MLS^® compared to April 2019 (3,284 units). The average MLS^® residential price in BC was $737,834, a 7.8% increase from $684,430 recorded the previous year. 

"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”

While the supply of homes available for sale generally rises through the spring, this year was a bit different. Supply was down close to 10% on a seasonally adjusted basis and down 23.7% year-over-year. Prices remained firm despite the large decline in sales.

Year-to-date, there has been a 9.6% increase in the sale dollar volume for BC residential units bringing it to $15.3 Billion (compared to the same period last year). Residential unit sales are down 1.7% bringing it to 20,164 units while the average MLS^® residential price was up 11.6% to $758,614.

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

Looking back at March 2020 housing figures, the British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 17.2% from the same month last year. There was 15.1% increase in the average MLS® residential price in BC bringing it to $789,548 compared to March 2019's average of $685,892. For the total sales dollar volume, it hit $5.3 Billion which is a 35% increase over 2019.

“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity,” said BCREA Chief Economist Brendon Ogmundson. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”

“While we don’t know when this unprecedented period will end, markets will be boosted by pentup demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.”

The year-to-date BC residential sales dollar volume totals $12.9 Billion. In comparison to the same period in 2019, this is an 37.1% increase. The residential unit sales totals 16,866 which is an increase of 21.7% from last year. The average MLS® residential price totals $763,031 which is an increase of 12.6% from last year.

Source: British Columbia Real Estate Association

The British Columbia Real Estate Association (BCREA) reports a 27% decline in residential unit sales from the same month last year (as per MLS®) which is a total of 4,533 residential unit sales recorded. The average MLS® residential price in the province was $678,625, a 9.3% decline from February 2018. Total sales dollar volume was $3.08 Billion, a 33.8% decline from the same month last year.

“Prospective homebuyers continue to be sidelined by the mortgage stress test,” said Brendon Ogmundson, BCREA Deputy Chief Economist. “As a consequence, and despite a strong BC labour market, sales remained slow in February.”

Total MLS® residential active listings increased 36.5% to 30,891 units compared to the same month last year. The ratio of sales to active residential listings declined from 27.4% to 14.7% over the same period.

“Falling mortgage rates should provide some relief for homebuyers, providing a small boost to affordability heading into the spring,” added Ogmundson.

As per the Real Estate Board of Vancouver, the February statistics for Metro Vancouver can be seen below.

The Metro Vancouver* housing market saw increased supply and below average demand in February. The REBGV reports that home sales in the region saw a 32.8% from the same month last year (1,484 units in February 2019). Last month's sales were 42.5% below the 10-year February sales average.

"For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market. This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions." -- Phil Moore, REBGV president

* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

Up until the end of June, we've seen an ongoing trend of residential sales going through the roof. However, it's a different story for July! When comparing July 2016 residential property sales to July 2015 figures, we see a decrease of 18.9% (3,226 vs. 3,978 sales) and a decrease of 26.7% from last month. For the first half of the year, home sales have registered at over 4,000 units per month. July was the first time this year that home sales did not hit the 4,000 mark.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

In July 2016, new listings for detached, attached and apartment properties in Metro Vancouver have seen an increase of 2.5% totalling 5,241 units in comparison to the same month last year and a 10.8 decrease in comparison to last month. There has been a 27.4% decline in total number of properties currently listed for sale on MLS® compared to July 2015 and a 6.9% increase compared to June 2016.

Take a look below at the comparables in the MLS® HPI Composite Benchmark Price from July 2015 to July 2016.

Click on the photo below to enlarge it for better viewing. For a more detailed look at the MLS® Sales Facts, click here.

For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.