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February 2020

Found 3 blog entries for February 2020.

feb13b  

BC Housing Markets Off to a Strong Start in 2020

Vancouver, BC – February 13, 2020. 

The British Columbia Real Estate Association (BCREA) reports that a total of 4,426 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2020, an increase of 23.7 percent from the 3,579 units sold in January 2019. The average MLS® residential price in BC was $725,370, a 9.1 percent increase from $664,633 recorded the previous year. Total sales dollar volume in January was $3.2 billion, a 35 percent increase over 2019.

“Housing markets in BC are off to a strong start in 2020,” said BCREA Chief Economist Brendon Ogmundson. “We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced

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There were 174 single-family home sales in Nanaimo, BC in the first month of 2020, 16% down from the beginning of last year (and 25% down from December 2019). Condo sales volume was 3% lower in January 2020 than it was in January 2019.

With lower sales came higher inventory with 992 single family homes available compared to 981 January last year, also up 6% from the last month of 2019. Inversely matching the decrease in sales, available condos on the market increased 3% compared to January last year to 309 available and active listings.

Competition in the low and mid-ranges of the market continue to increase despite the government’s attempts at reducing demand. Many of the government initiatives to aid mid-range buyers and combat the demand side of

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The new year started strong with 411 properties sold in the VREB (Victoria Real Estate Board) area, compared to the 329 sales in January of 2019 (a 24.9% increase), although the total sales volume only crept up 2.2% from December 2019. Single-family home sales volume was up 31.6% compared to January last year while condos were only up 6.3% January to January.

The available inventory of active listings stayed close to the December numbers with only 6 more listings, bringing the total to 1,958. This number isn’t too far off January 2019 active listing numbers which came in at 2,057.

Competition for the low and mid-price ranged properties is continuing to build as sales increase and inventory remains steady, following the classic supply-demand

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