January 2021

Housing Market Slows, but Resilient in Response to Pandemic

Vancouver, BC – January 13, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 93,953 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2020, an increase of 21.5 per cent from the 77,350 units sold in 2019. The annual average MLS® residential price in BC was $782,027, an 11.7 per cent increase from $700,369 recorded the previous year. Total sales dollar volume was $73.5 billion, a 35.6 per cent increase from 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson. “We expect considerable momentum heading into 2021.”

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Private Family Home Near Everything

Beautiful family home is tucked in the back of the Kettle Creek subdivision bordering on green space, so no back neighbors here except mother nature!

Boasting 5 bedrooms, 2 baths & offering fully fenced backyard.

Perfect for kids, pets, BBQ's & enjoying the outdoor space & mountain views.

Main level includes open concept living, dining & kitchen area - 2 skylights, stainless steel appliances, granite countertops, pot lighting, surround speakers (in and out) 9 ft ceilings, 2 beds & 4 pc bath.

Lower level consists of three beds, one a generous master suite w/ walk-in closet, family/media room w/ outside access, laundry rm & 3 pc bath.

200 Amp service with 50 Amp outdoor for car charger or

Unique Shawnigan Acreage

A peaceful treed winding driveway leads you to your unique Shawnigan Lake acreage, the home you have been waiting for.

West Coast style with all the charm including wood floors, vaulted ceilings, and skylights.

On either side of the foyer, a beautiful office and loft-style guest bedroom are located.

Moving into the great room get cozy beside your wood-burning fireplace with ample room to spread out and look out to the mountain and forest beyond.

If you look closely you will find a hidden door in the rockwork to a large rec room with unfinished loft above great for a games room, mans cave, theatre, or whatever you have on your mind.

The kitchen is the hub of the house making it the perfect

2020 was full of unexpected market movements, along with everything else unexpected last year. Who could have predicted that a global pandemic, total disruption of the economy and a spike in unemployment would lead to skyrocketing demand from buyers looking for homeownership. And yet, there was a total of 8,487 home sales in 2020, over a thousand units more (17.1% more) than 2019.

Though unexpected there were several indicators as the year progressed. We saw pent-up demand as restrictions eased and buyers shifted heavily to the single-family market. We saw uber low-interest rates, money coming out of the stock market and into the real estate market, and out of town buyers cashing out their Vancouver properties to settle on the island.

The past

December 2020 closed the year with strong sales numbers and record-breaking low inventory. Condos specifically showed impressive sales numbers in the Vancouver Island Board area with a 94% increase in sales volume compared to December 2020. December also outperformed November in this segment by increasing 16%, which is unusual based on past seasonality. Single-family homes sales increased 25% year over year for the month of December (hitting 302 sales) but decreasing 28.2% from November. The decrease in sales is generally attributed to the lack of listings, not an easing of demand.

The number of single-family homes available on the market at the end of the year decreased 22% from the end of 2019 to hit 421 listings. Condos were down 24% in the same

Canadian Employment (Dec) - January 8, 2021

A correction was made to the chart, "Monthly Change in Employment by Industry", which should read "December".

Canadian employment lost 63k jobs in December (-0.3%, m/m), representing the first decline since April 2020. This comes on the heels of many provinces reinstating public health measures that closed recreational facilities and in-person dining services. The decline was led by part-time employment, specifically among youth aged 15 to 24 and those 55 and above. Employment declined in all provinces except for BC. The national unemployment rate ticked up by 0.1 percentage points to 8.6%, which is still a fall from the record high of 13.7% in May 2020. Compared to the same month last year,

Updated Kitchen, SS Appliances

Once you walk into this lovely 2 bedroom unit you will notice the beautifully updated kitchen with high-end SS appliances, cabinetry to the ceiling, quartz countertops, and an over-the-range microwave hood fan.

The cozy corner gas fireplace is a nice touch and adds to the ambiance.

This complex is in an excellent location within minutes to Mayfair mall, downtown, and the many parks and schools.

This 2 bedroom unit is sure to please, don't wait, it's priced to sell!

Find Out More About 107-1201 Hillside Avenue

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COVID-19 Reopening Dashboard - January 6, 2021

The BCREA Economics team has created the COVID-19 Reopening Dashboard to help REALTORS® monitor the evolution of the economy as BC navigates the recovery. 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. While demand for homes continues to be strong, the supply of listings has reached near-record lows in several parts of the province, with prices rising sharply as a result. 

To monitor the province’s progress, we benchmark each indicator to February 2020, the month before the pandemic was declared. This dashboard is updated each month.

BCREA's updated COVID-19 Reopening Dashboard is

BC Monthly Real GDP Estimate for October 2020 & Preliminary Estimate for November 2020 (Updated: January 4, 2021)

The BCREA Nowcast estimate of provincial economic growth (expressed as year-over-year growth in real GDP) for October is -0.5 per cent. For comparison, output in the Canadian economy was 3.5 per cent lower year-over-year in October. We have also included a preliminary estimate for November 2020 of +0.7 per cent, the first month of estimated positive year-over-year growth since February.

Download the full report (PDF)

For more information, please contact:

BCREA is the professional association for more than 23,000 REALTORS® in BC,