According to the British Columbia Real Estate Association (BCREA) report, there were 6,616 residential unit sales recorded by the Multiple Listing Service® (MLS®) in November. This showed an increase of 27.5% from the same month last year. The MLS® recorded an average residential price in the province at $746,939, an increase of 5.5% from November 2018. The total sales volume saw a 34.4% increase to reach $4.94 billion, compared to the same month last year.
"After several months of strong gains, home sales are now firming around long-run averages," said BCREA Chief Economist Brendon Ogmundson. "We expect 2020 will be a much more typical year for markets compared to the volatility of recent years."
There was a 6.6% decrease in residential active listings in the province on MLS® from November 2018 to 31,310 units, and down for a seventh straight month on a seasonally adjusted basis. Sales-to-active listings ratio was recorded at 21%, with the overall market condition remaining balanced.
Year-to-date, BC residential sales dollar volume was down 6% to $50.23 billion, compared with the same period in 2018. Residential unit sales was recorded at 72,106, a 3.9% decrease, while the average MLS® residential price was at $696,574, down 2.2% year-to-date.