Strong Demand, Dwindling Supply for BC Housing Markets

Jun 14, 2021

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Posted by
Brendon Ogmundson
Chief Economist

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

Vancouver, BC - June 14, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 12,638 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2021, an increase of 178.2 per cent over May 2020 when the onset of the COVID-19 pandemic prompted a lockdown of the provincial economy. The average MLS® residential price in BC was $916,340, a 26.2 per cent increase from $726,335 recorded in May 2020. Total sales dollar volume was $11.6 billion, a 251 per cent increase from last year.

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"Provincial housing markets continue to calm after peaking in March," said BCREA Chief Economist Brendon Ogmundson. "The implementation of a stricter mortgage stress test in June may have a minor impact on home sales but we expect strong market activity over the second half of the year."

Total active residential listings were down 17 per cent year-over-year in May and dipped lower on a seasonally adjusted basis following two prior months of rising active listings.

"On the supply side, markets in the Lower Mainland are seeing a strong supply response, with new listings rising," said Ogmundson, "however, new listings in markets outside of Metro Vancouver have started to flatten out."

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For more information, please contact:

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

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