In March 2020, the British Columbia Real Estate Association (BCREA), reported a total of 6,717 residential unit sales recorded by the Multiple Listing Service® (MLS®). This is a 17.2% increase from March 2019. The average MLS® residential price in BC was $789,548, a 15.1% increase from $685,592 recorded the previous year. The total sales dollar volume showed an increase of 35%, to $5.3 billion over 2019.
"Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity," said BCREA Chief Economist Brendon Ogmundson. "Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus."
"While we don’t know when this unprecedented period will end, markets will be boosted by pent-up demand and historically low-interest rates when it does," added Ogmundson. "The ultimate strength of the recovery will depend on how long the economy remains effectively shut down, as well as the efficacy of federal and provincial measures to bridge households through the financial difficulties brought on by the pandemic."
Year-to-date the BC residential sales dollar value reached $12.9 billion, up 37.1% compared with the same period in 2019. Residential unit sales reached 16,866 units, an increase of 21.7%. The average MLS® residential price hit $763,031, up 12.6%.