The British Columbia Real Estate Association (BCREA) reports that a total of 13,683 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2021, an increase of 312.3% over April 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $946,606, a 29.1% increase from $733,330 recorded in April 2020. Total sales dollar volume was $12.9 billion, a 432.2% increase from last year.
“Although provincial home sales were down slightly from an all-time high in March, sales activity was the highest on record for April,” said BCREA Chief Economist Brendon Ogmundson. “Home sales continue on a record pace, though we do see a calming environment compared to the frenzied activity of recent months.”
Total active residential listings were down 14.5% year-over-year in April but did tick higher on a seasonally adjusted basis for the second consecutive month as new listings activity ramped up.
“We are starting to see very strong new listings activity in several markets,” said Ogmundson, “however, it will take quite some time for total listings to return to the level needed to balance out markets and temper growth in home prices.”
In Kelowna and the Central Okanagan area, Residential Average sales have risen a heafty 37.9% since April last year and inventory is down 46.8%.