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)
- 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.
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