BC Housing Markets Heat Up as Summer Ends

By
Real Estate Sales Representative with RE/MAX Kelowna

The British Columbia Real Estate Association reports that a total of 10,172 residential unit sales were recorded by the MLS in August 2020, an increase of 42.8 per cent from August 2019. The average MLS residential price in BC was $771,309, a 12.7 per cent increase from $684,093 recorded the previous year. Total sales dollar volume in August was $7.8 billion, a 61.1 per cent increase over 2019. While pentup demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.

Total provincial active listings are still down more than 10 per cent year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. As a result, prices are sharply rising around the province. Year-to-date, BC residential sales dollar volume was up 15.8 per cent to $40.4 billion, compared with the same period in 2019. Residential unit sales were up 4.9 per cent to 53,336 units, while the average MLS® residential price was up 10.4 per cent to $757,504.

Comments (7)

Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Steve - thanks for this overview of the British Columbia real estate market.  Limited inventory of properties for sale definitely has a part in the intensity of your market.  Good luck in the approaching fourth quarter of the year.  

Sep 27, 2020 06:30 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve your market and ours are very similar now we need to buckle up and finish strong, Endre

Sep 27, 2020 10:00 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Michael Jacobs ,

Thank you for stopping by and leaving a comment. I am starting to pick up and hoping to have a good last quarter.

Sep 28, 2020 06:17 PM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Endre Barath, Jr. ,

Thank you stopping by to leave a comment. I sure am hoping for a strong finish as I am picking up. I had too many deals fall through due to financing or multiple offer, otherwise it wouldn't have been too bad of a year for as slow as it was. Hope your last quarter is a good for you and you finish on a high note.

 

Sep 28, 2020 06:25 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Steve I totally get it had a couple fall through here as well, funny we just talk about the success stories, but the ones that are a miss....well you know, Endre

Oct 03, 2020 10:36 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Steve, so glad to hear your business heated back up end of summer, and hope it is still going strong.

Oct 21, 2020 06:05 AM
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

Hi Joan Cox 

Thank you for stopping by and leaving a comment. Thank you. Yes it is going well looking forward to finishing the year strong.

Oct 21, 2020 05:54 PM

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