Strong First Quarter for BC Housing Markets, But Rising Rates Loom Large Vancouver, BC…
November Home Sales Lead to New Annual Record in BC
Vancouver, BC – December 15, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,159 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021, a decrease of 3.4 per cent from November 2020. The average MLS® residential price in BC was $993,922, a 22.1 per cent increase from $814,310 recorded in November 2020. Total sales dollar volume was $9.1 billion, a 17.9 per cent increase from the same time last year.
“Provincial MLS® home sales reached a new annual record in November with still one month to go in 2021,” said BCREA Chief Economist Brendon Ogmundson. “Home sales have already surpassed the previous annual record of 112,425 units set in 2016.”
Total active residential listings continued to tumbler lower, falling 39 per cent year-over- year to a record low for the province. Active listings are now about half of the level reached prior to the pandemic.
Year-to-date, BC residential sales dollar volume is up 63.6 per cent to $108.7 billion compared to the same period in 2020. Residential unit sales were up 37.7 per cent to 117,973 units, while the average MLS® residential price was up 18.8 per cent to $921,806.