The British Columbia Real Estate Association (BCREA) report published January 13, 2021 reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019.
The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent 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.”
A total of 8,268 MLS® residential unit sales were recorded across the province in December, a record for the month and up 57.8 per cent from December 2019. The average MLS® residential price in BC was $847,600, an increase of 12.5 per cent from December 2019. Total sales dollar volume was $7 billion, a 77.5 per cent 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.”
Total active residential listings were down 16.1 per cent to 20,725 units in December.
In the Central Okanagan, average prices have risen 16.7% year-to-date compared to 2019, and active listings are currently 1765 compared to 2715 in 2019, a fall of 35%.
If we look at the Sales to Active listings, which represents the percentage of available listings that sold, this figure currently stands at 37.5% compared to 15.3% in 2019. Clearly, this demonstrates the continuation of strong demand, and we remain in an overall 'Sellers Market".