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B.C.'s high housing demand, low supply drives prices up: BCREA

Last Updated Mar 11, 2021 at 10:11 am PDT

FILE - A real estate sign is pictured in Vancouver. (THE CANADIAN PRESS/ Jonathan Hayward)

February home sales busted through the previous high for the month in B.C.

BC Real Estate Association says provincial home sales in February were 89 per cent higher than a year ago

Demand for single-detached homes coupled with low supply has pushed prices higher, BCREA says

VANCOUVER (NEWS 1130) – B.C.’s real estate market is still setting records, with February sales surpassing the previous high for the month.

Last month, B.C. home sales were 89 per cent higher than the same time a year ago, and 1,000 units higher than the previous February record set in 2016, according to the BC Real Estate Association.

“Near-record sales in Metro Vancouver, combined with unprecedented housing demand outside of Metro Vancouver, continues to drive a blistering pace of home sales in BC,” said Brendon Ogmundson, a chief economist at the BCREA.

The average residential price also rose more than 17 per cent between February 2020 and February 2021.

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The BCREA notes that while new listings have “increased considerably,” last month saw the lowest level of provincial active listings on record since the year 2000.

Ogmundson says there’s a “drought of resale inventory” in B.C., and that the demand for single-detached homes and the low supply has pushed prices higher.