The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS® ) in January 2020, an increase of 23.7 per cent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 per cent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 per cent increase over 2019.
“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years.”
Total MLS® residential active listings fell 12.6 per cent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 per cent from just 12.1 per cent last January.
“While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,” added Ogmundson.
In Kelowna, average home prices appear to have increased by 8.7% since January 2019, and active listings are down 6.7%, although we expect that to increase as we head into the Spring Market.