The British Columbia Real Estate Association (BCREA) 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 per cent from November 2019.
The average MLS® residential price in BC set a record of $816,074, a 9.3 per cent increase from $746,310 recorded the previous year. Total sales dollar volume in August was $7.68 billion, a 55.4 per cent 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 per cent year-over-year in November, which contributed to a 34.8 per cent sales-to-active-listings ratio. Consequently, the provincial average price rose 9.3 per 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 per cent to $66.43 billion, compared with the same period in 2019. Residential unit sales were up 18.7 per cent to 85,625 units, while the average MLS® residential price was up 11.4 per cent to $775,845.
Looking at the year-to-date numbers for the Central Okanagan, average Residential home prices have gone from $525,223 to $604,752, which is a rise of 15.1%. A word of caution with these numbers - we have had a greater number of higher-priced homes sell this year, which will skew the numbers.
However, with inventory down 29.5% since last November the signs are that upward price pressure will continue for now, and it will remain a Sellers Market.