Strong Recovery Continues for BC Housing Markets

Vancouver, BC – August 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 10,090 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2020, an increase of 26.6 percent from July 2019. The average MLS® residential price in BC was $770,810, a 12.9 percent increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43 percent increase over 2019.

“The strong recovery in sales activity continued in July,” said BCREA Chief Economist Brendon Ogmundson. “Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices,

Canadian Housing Starts (July) - August 11, 2020

Canadian housing starts increased by 16% m/m to 245,604 units in July at a seasonally adjusted annual rate (SAAR), which was well above pre-COVID levels. This brought up the national housing starts six-month average to 204,376 units SAAR. Housing starts were up across the country with notable growth in the Prairies and Atlantic Canada.  

In BC, housing starts were up 9% m/m to 42,381 units SAAR in July, following an increase of 38,840 in June. The increase was primarily driven by the multi-unit segment. Housing starts in July are back at pre-COVID levels. That being said, housing starts in the province showed resilience during the height of the pandemic when restrictions were the tightest. In

Single family home sales returned to near-normal levels this July with 574 sales, only 1 unit sale over June 2020, and 20 sales over July the previous year. Condos on the other hand still struggle as buyers seem to look to get out of multi-family building situations. July saw a 14% decrease in condo sales compared to the same month last year and townhouse sales decreased by 16%. All together sales were down 4% year over year with a grand total of 892 properties sold.

While sales levels begin to return to normal, inventory is still low (on a provincial level). The pressure from low inventory and returning demand from buyers has led to an increase in price across many market areas including Vancouver Island. The board-wide benchmark price for single

July 2020 continued to be unusually active in the Victoria Real Estate market, especially in the single family home segment. Sales of single family homes were up a whopping 61.1% compared to July last year while condos sales also rose by 11.2% in the same year over year comparison. There were 979 total board-wide (559 SFD, 239 condos) sales in July, altogether up 21.2% over June 2020 and 38.7% up from last year. These are some very big numbers for the month and if nothing else, great indicators that this is not a normal market.

The increase in activity also saw many new listings coming on to the market but not enough to outpace the number of sales. July saw a 10% decrease in available listings year over year and a 1.7% decrease compared to June

Canadian Employment (July) - August 7, 2020

Canadian employment grew by 419,000 jobs in July (2.4%, m/m). Combined with gains in May of 290,000 and gains in June of 953,000, this brought national employment to within 1.3 million of the pre-COVID February level. The national unemployment rate fell by 1.4 percentage points to 10.9 per cent from the previous month. Most of the employment gains in July were in part-time work. Compared to the same month last year, Canadian employment was down by 6.3% (-1.2 million). 

Regionally, all provinces reported an increase in employment except New Brunswick, where employment was little changed. The strongest gains were in Ontario which were almost all in part-time work, reflecting the later easing of

Excellent Opportunity Awaits in this Desirable Area

Excellent Opportunity Awaits in this Desirable Area.

This 2 storey 5 bedroom home is in a sought after area close to shopping, UVic and Camosun College.

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Lower level has tons of storage, workshop, suite, and second laundry.

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Prestigious Bear Mountain Executive Golf Front Home on One of the Highly Sought After Neighbourhoods

Welcome to 1323 Champions Court, a prestigious Bear Mountain executive golf front home on one of the most highly sought after neighbourhoods on the mountain that includes two Bear Mountain memberships. 

As you enter you will see this home has been built to maximize the views of the water and golf course beyond.

The kitchen is the hub of the home with a massive island, quartz countertops, wet bar with wine fridge, dual sinks and dual ovens, stainless steel high-end appliances, walk-in custom pantry, and in-cabinet lighting. 

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Meticulously Maintained Custom Built Home on a No Through Private Road.

Welcome to 3448 Horizon Terrace on triangle mountain in the Westshore.

A meticulously maintained custom built home on a no through private road.

Tastefully decorated level entry featuring a gourmet kitchen with island, all new high-end appliances and a double oven, family room with cozy wood-burning fireplace an office, and two-car garage.

Also on the main is a dining area strategically placed in front of the glass doors with phantom screens looking out onto the yard beyond. Upstairs you will find three generous sized rooms; the master a true delight with the completely renovated bathroom and large walk-in closet.

Rarely do you find a private large fully

COVID-19 Reopening Dashboard - July 29, 2020

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the BC economy as the province gradually reopens. This dashboard focuses on the sectors and activities that have been most significantly impacted by the pandemic and the province’s subsequent state of emergency.

To monitor the province’s progress toward a “new normal,” we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard will be updated each month.

BCREA's updated COVID-19 Reopening Dashboard is available here.

For more information, please contact:

Kellie Fong
Economist
778.357.0831
kfong@bcrea.bc.ca 

BCREA is the professional

Stunning Residence in award-winning boutique complex

Stunning 1-bedroom residence in award-winning boutique complex, The Palladian, a top-of-the-line heritage conversion with outstanding attention to detail in both the residence and common areas.

New, high-end LG SS kitchen appliances, granite counters, new Whirlpool washer and dryer, plus rare, private, fenced patio garden.

Located on the quiet side of the building, this unit features recently upgraded kitchen, bathroom and lighting fixtures, hardwood floors throughout, 12ft high ceilings, open floor plan, large master with large double closets and large, stunning original windows.

Centrally located right downtown and within walking distance to everything, The Palladian, a