BC Housing Market Recap for 2020



2020 Summary: Total BC residential sales went up 21.5% compared to 2019.  Regions in South Okanagan, Powell River and Fraser Valley have the highest unit sales increase in 2020. These same regions also have the highest average sale price increase compared to the rest of the province.  The annual average MLS® residential price in BC was $782,027, an 11.7% increase compared to previous year.  

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”   “While 2021 is expected to get off to a roaring start, the level of supply in the market is near a record low,” added Ogmundson. “That will likely translate to considerable pressure on prices until listings pick-up.”


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

  • Dec 2020: 39.9% (Seller's Market)
  • Nov 2020: 34.8% (Seller's Market)   
  • Dec 2019: 21.2% (Balanced/Seller's Market)

Residential Sales

  • Total 8,268 residential sales in Dec 2020
  • 13.9% decrease compared to Nov 2020   
  • 57.8% increase compared to Dec 2019

Average MLS® Residential Price

  • Dec 2020: $847,600
  • 3.9% increase compared to Nov 2020    
  • 12.5% increase compared to Dec 2019

Total Number of Listings

  • Total 20,725 residential listings on the MLS® in Dec 2020
  • 23.4% decrease compared to Nov 2020     
  • 16.1% decrease compared to Dec 2019

Total Sales Dollar Volume

  • Dec 2020: $7,007,956
  • 8.8% decrease compared to Nov 2020     
  • 77.5% increase compared to Dec 2019



Click graph to enlarge.















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