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Identifying Different Property Interests in British Columbia #584

Property ownership in BC can take many different forms. In this article, we examine REALTORS®' role in correctly representing them.

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Sep 14, 2021

BC Home Sales Returning to Normal While Supply Hits Record Low

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Sep 14, 2021

BC Home Sales Returning to Normal While Supply Hits Record Low

Author profile photo
By Brendon Ogmundson,
Chief Economist
Author profile photo
By Brendon Ogmundson,
Chief Economist

For the complete news release, including detailed statistics, click here.

Vancouver, BC – September 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,507 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2021, a decrease of 7.1 per cent over August 2020. The average MLS® residential price in BC was $901,712, a 17.2 per cent increase from $769,691 recorded in August 2020. Total sales dollar volume was $8.6 billion, an 8.9 per cent increase from last year.

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“Home sales around the province have essentially returned to normal after a record setting spring,” said BCREA Chief Economist Brendon Ogmundson. “However, we continue to see a drought in the total supply of listings as well as downward trend in new listings activity.”

Total active residential listings were down 37.9 per cent year-over-year in August and were 42 per cent below normal levels for the month of August.

Year-to-date, BC residential sales dollar volume was up 102.2 per cent to $82 billion, compared with the same period in 2020. Residential unit sales were up 67.8 per cent to 89,980 units, while the average MLS® residential price was up 20.5 per cent to $911,245.   

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For more information, please contact:

Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: [email protected]

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

Author profile photo
By Brendon Ogmundson,
Chief Economist
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