Blog & News: Vancouver Real Estate Market

HOME SALES FIRM UP ACROSS BC

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.

Click here to download full report

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