The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.
“Provincial housing markets continue to calm after peaking in March,” said BCREA Chief Economist Brendon Ogmundson. “The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year.”
Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings.
“On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising,” said Ogmundson, “however, new listings in markets outside of Metro Vancouver have started to flatten out.”
For those specifically following the Kelowna Real Estate Market, our numbers are now included in the 'Interior".
The average Residential price is now $721,033 up 42% on this time last year. Active listings were 2,607, down 48.4%
The 'list to sale ratio', is currently 54.5%, this represents the percentage of available listings that have sold. A higher SAR means a larger portion of the available listings has sold, which indicated the buyer demand, or strength, of a particular area.
In this case, the strength of the Interior market was very high in May 2021.