BCREA Housing Market Update for September 2020
BC Real Estate Association (BCREA) has released it’s housing market update. Chief Economist Brendon Ogmundson discusses the August 2020 statistics.
In BC, sales were up 42% year over year. The number of active listings were also down across the province. These conditions have created a Sellers market for the most part in the province. There was significant upward pressure on prices in August with higer demand for single family detached homes. The average price of homes in BC was pushed higher due to the demand for higher valued properties which skewed the average price higher.
Kamloops saw 349 unit sales for the month of August which was a 19.9% year over year increase. The average price also came up 8.3% over last year with an average price of $456,662. At the end of August there were 1,040 active listings which is down 21.9% year over year which equates to 3 months worth of supply on the market.
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