BC Housing Market Update for October 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
- Oct 2020: 35% (Seller's Market)
- Sept 2020: 32.9% (Seller's Market)
- Oct 2019: 21% (Balanced/Seller's Market)
- 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.