In July 2020, the British Columbia Real Estate Association (BCREA) reported a total of 10,090 residential unit sales recorded by the Multiple Listing Service® (MLS®). This showed an increase of 26.6% from the same month last year. The average MLS® residential price in BC was $770,810, a 12.9% increase from $682,702 recorded the previous year. Total sales dollar volume in July was $7.8 billion, a 43% increase over 2019.
"The strong recovery in sales activity continued in July," said BCREA Chief Economist Brendon Ogmundson. "Increased demand for more living space combined with an undersupplied market is producing significant upward pressure on home prices, particularly in the market for single-family homes."
Active listings are significantly down year-over-year creating upward pressure on prices. Increased demand for single-family homes has somewhat skewed average prices in some markets.
Year-to-date, BC residential sales dollar volume was up 8.4% to $32.5 billion, compared with the same period in 2019. Residential unit sales were down 1.4% to 43,718 units, while the average MLS® residential price was up 10% to $754,842.