In September 2020, the British Columbia Real Estate Association (BCREA) reports that a total of 11,368 residential unit sales were recorded by the Multiple Listing Service® (MLS®) which is an increase of 63.3% from September 2019. The average MLS® residential price in BC set a monthly record of $803,210, a 15.3% increase from $696,647 recorded the previous year. Total sales dollar volume in August was $9.1 billion, an 88.3% increase over 2019.
“The provincial housing market had a record-setting September,” said BCREA Chief Economist Brendon Ogmundson. “Both total sales and average prices were the highest ever for the month of September as pent-up demand from the spring pushes into the fall.” “Average prices are skewing higher as demand for space during the pandemic drives sales of single-detached homes,” added Ogmundson.
Total provincial active listings are still down about 12% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. Year-to-date, BC residential sales dollar volume was up 25.1% to $49.7 billion, compared with the same period in 2019. Residential unit sales were up 12.5% to 65,023 units, while the average MLS® residential price was up 11.2% to $764,298.
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