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.

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