In January 2020, a total of 4,426 residential units were recorded by the Multiple Listing Service® (MLS®), as reposted by the British Columbia Real Estate Association (BCREA). This was an increase of 23.7% when compared to 3,579 units sold in January 2019.
The total sales dollar volume was $3.2 billion in January, which is a 35% increase over 2019. The average MLS® residential price in BC was $725,370, a 9.1% increase from $664,633 recorded the previous year.
"Housing markets in BC are off to a strong start in 2020," said BCREA Chief Economist Brendon Ogmundson. "We expect a much more typical year of home sales in 2020 as markets recover from the policy-induced slowdown of the past two years."
Total MLS® fell to 25,790, a 12.6% decrease compared to the same month last year. The ratio of sales to active residential listings increased to 17.2% from just 12.1% last January.
"While many markets are showing strong signs of recovery, the struggling forestry sector is having a clear impact on housing demand, particularly in the North and parts of Vancouver Island," added Ogmundson.