B.C.’s high housing demand, low supply drives prices up: BCREA
Posted March 11, 2021 10:10 am.
Last Updated March 11, 2021 10:11 am.
VANCOUVER (NEWS 1130) – B.C.’s real estate market is still setting records, with February sales surpassing the previous high for the month.
Last month, B.C. home sales were 89 per cent higher than the same time a year ago, and 1,000 units higher than the previous February record set in 2016, according to the BC Real Estate Association.
BC Housing Market Continues at a Record Pace: #BCREA reports that a total of 10,918 residential unit sales were recorded by MLS® in February 2021, an increase of 89.1 per cent over February 2020.
Read the full report here: https://t.co/BAIOpbuN7E pic.twitter.com/VflkGtNHcu
— BC Real Estate Association (@bcrea) March 11, 2021
“Near-record sales in Metro Vancouver, combined with unprecedented housing demand outside of Metro Vancouver, continues to drive a blistering pace of home sales in BC,” said Brendon Ogmundson, a chief economist at the BCREA.
The average residential price also rose more than 17 per cent between February 2020 and February 2021.
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The BCREA notes that while new listings have “increased considerably,” last month saw the lowest level of provincial active listings on record since the year 2000.
Ogmundson says there’s a “drought of resale inventory” in B.C., and that the demand for single-detached homes and the low supply has pushed prices higher.
