Provincal Market before Covid-19 Hit.

By
Real Estate Sales Representative with RE/MAX Kelowna

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.  

Comments (8)

The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

Thanks for sharing the information on this community, I hope you sell many of these homes

Sara

Apr 19, 2020 08:02 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Sara,

Thank you for stopping by reading my post and leaving a comment. 

Apr 20, 2020 05:39 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

It was a different life what six weeks ago Steve?:))Endre

Apr 29, 2020 12:00 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. 

Thanks for stopping by and leaving a comment. Yes it sure was a different life roughly 6 weeks ago the market looked good! I hope all is well with you and your family. 

Apr 29, 2020 06:13 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve all is well, I just closed a transaction yesterday and am listing a new Condo today:)Endre

May 01, 2020 09:54 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. ,

I am happy to hear all is well with you guys. Congratulations on your closing and new listing! Glad to see your market is alive and well.

May 02, 2020 04:19 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve, now we have Curfews:) and all is well I just put a listing in Escrow in spite of the Curfew:))Endre

Jun 09, 2020 11:56 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. 

Thank you for leaving a comment. Yes, I heard you guys were under a curfew. We own a place in Palm Springs in our HOA newsletter it stated they were under a 6pm-6am. I am happy to hear you are still busy and managing to get your deals to Escrow even with a curfew. Take care and stay safe. 

Jun 10, 2020 05:30 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve just closed another one and listed another one I guess I should be blogging and not commenting:))Endre

Jul 16, 2020 11:19 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. ,

Way to go!! Congratulations keep up the good work! 

Jul 17, 2020 06:14 PM

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