BC Housing Market Update for August 2020






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

  • Aug 2020: 28.4% (Seller's Market)
  • July 2020: 28.1% (Seller's Market)
  • Aug 2019: 17.8% (Balanced Market)

Residential Sales

  • Total 10,172 residential sales in Aug 2020
  • 0.8% increase compared to July 2020   
  • 42.8% increase compared to Aug 2019

Average MLS® Residential Price

  • Aug 2020: $771,309
  • 0.06% increase compared to July 2020  
  • 12.7% increase compared to Aug 2019

Total Number of Listings

  • Total 35,842 residential listings on the MLS® in Aug 2020
  • 0.03% decrease compared to July 2020  
  • 10.6% decrease compared to Aug 2019

Total Sales Dollar Volume

  • Aug 2020: $7,845,750
  • 0.9% increase compared to July 2020  
  • 61.1% increase compared to Aug 2019

“Very strong provincial home sales continued in August,” said BCREA Chief Economist Brendon Ogmundson. “While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”

Total provincial active listings are still down more than 10% year-over-year, with some markets even more under-supplied as the pandemic continues to keep listings low. As a result, prices are sharply rising around the province.

Year-to-date:  BC residential sales dollar volume was up 15.8% to $40.4 billion, compared with the same period in 2019. Residential unit sales were up 4.9% to 53,336 units, while the average MLS® residential price was up 10.4% to $757,504.  

Click graph to enlarge.
 












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