BC Housing Markets Off to a Strong Start in 2020

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 slowdown of the past two years.”

Total MLS^® residential active listings fell 12.6 percent to 25,790 units compared to the same month last year. The ratio of sales to active residential listings increased to 17.2 percent from just 12.1 percent last January. 

“While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island,” added Ogmundson.

BCREA is the professional association for more than 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.