header image
icon
Sep 14, 2020

BC Housing Markets Heat Up as Summer Ends

icon
Author profile photo
By Brendon Ogmundson,
Chief Economist

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

Vancouver, BC – September 14, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,172 residential unit sales were recorded by the Multiple Listing Service® (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.

chart

“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up 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.   

-30-

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


Welcome to our new home!

Looking for Professional Development and Standard Forms?
They moved to BCREA Access.

Learn more HERE.