Housing Market Slows, but Resilient in Response to Pandemic
Vancouver, BC – May 13, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 3,284 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2020, a decline of 50.8 percent from April 2019. The average MLS® residential price in BC was $737,834, a 7.8 percent increase from $684,430 recorded the previous year. Total sales dollar volume in March was $2.4 billion, a 46.9 percent decrease over 2019.
"We expected to see a sharp drop in sales for April as we confronted the COVID-19 pandemic,” said BCREA Chief Economist Brendon Ogmundson. “However, buyers and sellers are adapting to a new normal, and activity should pick up as the economy gradually re-opens.”
While home sales were down by more than half compared to this time last year, the supply of homes for sale, which normally rises through the spring, was down close to 10 percent on a seasonally adjusted basis and down 23.7 percent year-over-year. That slide in total active listings means that prices remained firm despite the sharp fall in sales.
Year-to-date, BC residential sales dollar volume was up 9.6 percent to $15.3 billion, compared with the same period in 2019. Residential unit sales were down 1.7 percent to 20,164 units, while the average MLS® residential price was up 11.6 percent to $758,614.
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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.
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