BCREA reports pre-pandemic sales up
BCREA
The British Columbia Real Estate Association (BCREA) reports that a total of 6,717residential unit sales were recorded by the Multiple Listing Service®(MLS®) in March2020, an increase of 17.2per cent from March2019. The average MLS® residential price in BC was $789,548, a15.1per cent increase from $685,892recorded the previous year. Total sales dollar volume in March was $5.3billion,a 35 per cent increase over 2019.
“Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity, ”said BCREA Chief Economist Brendon Ogmundson.“Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus.”“While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low interest rates when it does,” added Ogmundson. “The ultimate strength of their recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic.” Year-to-date, BC residential sales dollar volume was up 37.1per cent to $12.9billion, compared with the same period in 2019. Residential unit sales increased 21.7per cent to 16,866units, while the average MLS® residential price was up 12.6per cent to $763,031.
© BCREA