BCREA Housing Market Update for February 2021

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the January 2021 statistics.

January was another record setting monnth for sales in BC with over 1000 sales more than previous January. Six of the provincial real estate boards are reporting record January sales as well. Provincially active listings are down 21.5% which equates to less than 3 months of inventory of listings in BC. This puts the market in sellers market conditions. The average provincial home price rose to a record $845,169 which 16.1% year over year.

Kamloops saw 244 unit sales in January which was a 60.5% increase year over year with the average price of a home in the Kamloops and district region climbing to $495,809. The average price is up 20.2% year over year. As of the end of January there were 490 active listings which is a 44.3% decline from last year which equates to 2 months of supply of homes for sale in Kamloops. This puts the Kamloops market in the sellers market territory.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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BCREA: A Record-Setting Start to 2021

Vancouver, BC – February 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 7,169 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2021, an increase of 63.3 per cent over January 2020 and over a thousand sales higher than the previous record for the month of January. The average MLS® residential price in BC was $845,169, a 16.1 per cent increase from $728,269 recorded in January 2020. Total sales dollar volume was $6.1 billion, an 89.6 per cent increase from last year.

“It was once again a record-setting month for the provincial housing market,” said BCREA Chief Economist Brendon Ogmundson. “While sales were strong across all regions of the province, the Fraser Valley, Interior and Vancouver Island regions shattered previous sales records and pushed January sales to new heights.”

Total active residential listings were down 21.5 per cent to 20,254 units in January, the lowest level of provincial active listings on record, going back to 2000. With strong sales and so few listings, market conditions are exceptionally tight with less than three months of total supply.

“The supply of listings continues to be held back by the pandemic,” added Ogmundson. “With so few listings, markets are starved for supply and prices are under extraordinary pressure.”

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

Provincial Housing Market Set Up for Very Strong 2021: BCREA 2021 First Quarter Housing Forecast Update

Vancouver, BC – January 25, 2021. The British Columbia Real Estate Association (BCREA) released its 2021 First Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to rise 15.6 per cent to 108,680 units this year, after recording 94,021 sales in 2020. In 2022, MLS® residential sales are forecast to pull back 9 per cent to 98,850 units.

“After an unprecedented and often surprising performance in 2020, the provincial housing market is set up for a very strong year in 2021,” said Brendon Ogmundson, BCREA Chief Economist. “A strong economic recovery and record-low mortgage rates will continue to drive strong demand this year.”

On the supply side, new listings activity recovered through the second half of 2020, but not nearly enough to see any accumulation in overall inventory. As a result, market conditions will start 2021 very tight, with the potential for strong price increases through the spring and summer until new supply comes online. We are forecasting a 7.7 per cent rise in the MLS® average price this year, followed by a further 3 per cent in 2022.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

Strong December Home Sales Close Out an Unprecedented Year, BCREA

Vancouver, BC – January 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”

A total of 8,268 MLS® residential unit sales were recorded across the province in December, a record for the month and up 57.8 per cent from December 2019. The average MLS® residential price in BC was $847,600, an increase of 12.5 per cent from December 2019. Total sales dollar volume was $7 billion, a 77.5 per cent increase year-over-year.

“While 2021 is expected to get off to a roaring start, the level of supply in the market is near a record low,” added Ogmundson. “That will likely translate to considerable pressure on prices until listings pick-up.”

Total active residential listings were down 16.1 per cent to 20,725 units in December.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

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