BCREA Housing Market Update for November 2020
BCREA has released it’s latest Housing Market Update for November 2020. BC Real Estate Association’s Chief Economist Brendon Ogmundson discusses the October 2020 statistics.
Home sales in BC hit a monthly record and it was the 4th consecutive month with over 10,000 sales in the province. Supply of homes are still trending lower across BC, total active listings are down 14%. BC is solidly in Sellers Market territory. When this happens it often results in acceleration of prices to the upside. Buyers have preferred properties with more space causing the average price to increase 12.5% year over year to $812,000 due to more single family home sales.
In Kamloops, there were 337 unit sales for October 2020 which is a 23.4% change year over year. The average price also increased 11.4% to $466,113. The number of active listings for October was 1,173 which is a 5.5% increase over the year before. There is 3.5 months worth of inventory.
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