A peek at what the market looked like for the province of BC. We also have to remember a lot of March sales were sales that closed in Dec, Jan and Feb. before the virus hit.
The British Columbia Real Estate Association reports that a total of 6,717 residential unit sales were recorded by the MLS in March 2020, an increase of 17.2 per cent from March 2019. The average MLS residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.
Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity. “Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.
While we don’t know when this unprecedented period will end, markets will hopefully be boosted by pent-up demand and historically low interest rates when it does. The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.
Year-to-date, BC residential sales dollar volume was up 37.1 per cent to $12.9 billion, compared with the same period in 2019. Residential unit sales increased 21.7 per cent to 16,866 units, while the average MLS residential price was up 12.6 per cent to $763,031.