The BC Real Estate Association (BCREA) is reporting a record setting start to 2021.
A total of 7,169 residential unit sales were recorded throughout B.C. last month, which was an increase of 63.3 per cent over January 2020 and more than 1,000 sales higher than the previous record for the month of January.
Northern B.C. also saw a jump selling more than 50 per cent more unit sales than compared to last year.
The average house price for the northern region was $339,608, a 12.6 per cent year-over-year change, and there were 269 unit sales in January, which is a 51.1 year-over-year change.
The average MLS residential price in B.C. was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020.
Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.
A Record-Setting Start to 2021: #BCREA reports that a total of 7,169 residential unit sales were recorded by the MLS® in January 2021, an increase of 63.3 per cent over January 2020.
— BC Real Estate Association (@bcrea) February 11, 2021
Read the full report here: https://t.co/MYZkyZHqZV pic.twitter.com/zgN1o2DgNI
“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson.
“While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”
Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000.
With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply.
“The supply of listings continues to be held back by the pandemic,” added Ogmundson.
“With so few listings, markets are starved for supply and prices are under extraordinary pressure.”
BCREA stats for January 2021. By BCREA
