A flurry of home sales early in 2021, combined with unseasonably high autumn transactions, has produced record-setting annual totals in British Columbia.
According to the British Columbia Real Estate Association (BCREA), a total of 9,159 residential unit sales were recorded over the Multiple Listing Service (MLS) system in November, a decrease of 3.4 per cent year-over-year.
However, those figures were enough to push B.C.’s year-to-date total to 117,965 units, up 37.7 per cent from the 85,670 recorded at this time last year and besting the province’s previous record set in 2016.
“Provincial MLS home sales reached a new annual record in November with still one month to go in 2021,” BCREA chief economist Brendon Ogmundson said in a press release. “Home sales have already surpassed the previous annual record of 112,425 units set in 2016.”
The increased sales activity has produced bidding wars and elevated prices across the province. Year-to-date, B.C. residential sales dollar volume sits at $108.7 billion, up 63.6 per cent compared to the same period in 2020 ($66.4 billion), while the average residential price has increased 18.8 per cent to $921,806.
While transaction totals continue to rise, low inventory has also set records, with active listings falling to 16,459, well off the 27,057 recorded at this time last year.
“Total active residential listings continued to tumbler lower, falling 39 per cent year-over-year to a record low for the province,” the BCREA noted. “Active listings are now about half of the level reached prior to the pandemic.”
B.C.’s average MLS residential price was $993,922 in November, a 22.1 per cent increase from $814,310 recorded in November 2020. Total sales dollar volume for the month topped $9.1 billion, a 17.9 per cent increase from the same time last year.
Greater Vancouver continues to have the province’s most expensive real estate, with the average home price exceeding $1.24 million, up 14.6 per cent from November 2020, although the price gap between outlying areas is shrinking.
According to the BCREA, the average home price in the Fraser Valley has topped $1.1 million, a year-over-year increase of 21.8 per cent, while Victoria recorded an average of $987,970 in November, up 23 per cent from a year ago.
