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Northern B.C. real estate prices continue to climb as housing market recovers from COVID-19

Average residential price in the region jumped 16 per cent compared to 2019
home for sale
'For Sale' sign on home's front lawn. (via File photo)

Housing prices are still on the rise as a low number of listings is putting pressure on the province's real estate market.

The British Columbia Real Estate Association’s (BCREA) latest market update, analyzing July’s numbers, shows this trend affecting northern B.C.

Last month, the average residential price in northern B.C. was $356,045, which is 16.5 per cent above the year-over-year percentage for 2019. 

The region also saw 545 unit sales, marking an 18 per cent jump above 2019’s numbers.

Province-wide, the BCREA reports that a total of 10,090 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2020, an increase of 26.6 per cent from July 2019.

bcrea stats(via British Columbia Real Estate Association)

The average MLS® residential price in B.C. was $770,810, a 12.9 per cent increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43 per cent increase over 2019.

"The strong recovery in sales activity continued in July," said BCREA Chief Economist Brendon Ogmundson.

"Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."

BCREA says active listings remain down significantly year-over-year, creating upward pressure on prices, though increased demand for single-family homes has somewhat skewed average prices in some markets.

B.C. residential sales dollar volume was up 8.4 per cent to $32.5 billion, compared with the same period in 2019.

Residential unit sales were down 1.4 per cent to 43,718 units, while the average MLS® residential price was up 10 per cent to $754,842.

bcreastats2(via British Columbia Real Estate Association)