BCREA Housing Market Update for April 2021
BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the March 2021 statistics.
BCREA has released it’s latest Housing Market Update for April 2021. A historical record was set for BC home sales in March which reached 15,073 units passing the record back from May 2016. Lower mainland sales were up 123% over last year. This percentage increase in sales however is a bit misleading as March 2020 BC was in a lockdown due to Covid 19 and April 2020 was still a slow month due to this. Residential listings were down 24.4% year over year which has fueled the market province wide. New listing activity has started to accelerate in response to high prices of homes. Provincially it is a Seller’s market with approximately 1.5 months worth of inventory placing the market strongly in Seller’s market territory. The provincial average for homes rose to $947,707 a record high for BC which is 20.3% year over year. Every region of the province saw a double digit rise in average price and the majority of board areas in the province saw 20% percent year over year increases in average price. A lot of this rise is due to a larger number of higher priced homes selling bringing the average price up.
Kamloops for the month of March 2021 saw 372 unit sales which was an increase of 69.1%. The average price rose to $545,915 which was a 27.5% increase year over year. The number of active listings for the month of March was also down 33% leaving 1.8 months worth of supply of homes for sale. The Kamloops market continues to see Buyers coming from other areas, largely from the Lower Mainland and Fraser Valley regions. Recently I reviewed the statistics for Kamloops and where buyers were coming from. 69.9% of buyers are from the Kamloops and area, Greater Vancouver accounted for 11.8%, Fraser Valley 4.5%, Okanagan and Kootenays 5%, Central and Northern BC 4.3%, Alberta 2.6%, Vancouver Island 1%, rest of Canada 0.7% and US 0.3%. If you take the Lower Mainland, Island and Fraser Valley combined we see that approximately 17.3% of the buyers for Kamloops and area homes are coming from those regions.
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