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.
Source: British Columbia Real Estate Association