BC Housing Market Update for October 2020




Quick Stats


Housing Market Condition: Generally analysts say that a buyer’s market condition occurs when the sales to active listings ratio is 12% or less.  Balanced market occurs when the sales ratio is between 13% and 20%. Seller’s market occurs when the sales ratio is 21% or more.  Please keep in mind that housing market condition can vary depending on area and property type.

All Property Types

  • Oct 2020: 35% (Seller's Market)
  • Sept 2020: 32.9% (Seller's Market)   
  • Oct 2019: 21% (Balanced/Seller's Market)

Residential Sales

  • Total 11,051 residential sales in Oct 2020
  • 2.8% decrease compared to Sept 2020   
  • 43.8% increase compared to Oct 2019

Average MLS® Residential Price

  • Oct 2020: $812,960
  • 1.2% increase compared to Sept 2020    
  • 12.5% increase compared to Oct 2019

Total Number of Listings

  • Total 31,601 residential listings on the MLS® in Oct 2020
  • 8.5% decrease compared to Sept 2020    
  • 13.6% decrease compared to Oct 2019

Total Sales Dollar Volume

  • Oct 2020: $8,984,022
  • 1.6% decrease compared to Sept 2020     
  • 61.8% increase compared to Oct 2019

"The provincial housing market sustained its blistering pace of activity in October,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.”

“A pandemic-driven shift in buyers’ preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,” added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14% lower in October 2020 compared to 2019.

Year-to-date:  BC residential sales dollar volume was up 29.7% to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3% to 76,140 units, while the average MLS® residential price was up 11.5% to $771,085.  
















Karen Tsao
Karen Tsao
Associate
1428 W 7th Ave Vancouver BC V6H 1C1