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BC Home Sales Trend Higher in February

Posted by Ron Neal on Thursday, March 12th, 2020 at 8:37pm.

bcrea-february-2020

Vancouver, BC – March 12, 2020.

The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3 percent from February 2019. The average MLS® residential price in BC was $758,863, a 12 percent increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4 percent increase over 2019.

“Housing markets in BC continued to trend near long-term average levels in February,” said BCREA Chief Economist Brendon Ogmundson. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although there is significant economic uncertainty lingering over the outlook.”

Total MLS® residential active listings fell 8.4 percent to 28,303 units compared to the same month last year. The ratio of sales to active residential listings increased by 20.3 percent from 14.7 percent last February. 

Year-to-date, BC residential sales dollar volume was up 38.4 percent to $7.6 billion, compared with the same period in 2019. Residential unit sales increased 24.8 percent to 10,135 units, while the average MLS® residential price was up 10.9 percent to $745,501.   

For the complete news release, including detailed statistics, click here.

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The Neal Estate Team

The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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