BC home sales are "firming around long-term averages"

by Steve Randall13 Dec 2019

Home sales in British Columbia are strengthening according to the latest stats from the province’s real estate association.

BCREA says that MLS sales in November rose 27.5% year-over-year to a total of 6,616 and the average price rise 5.5% to $746,939. Total dollar sales volume was $4.94 billion, a 34.4% increase from 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."

Buyers had fewer choices though as active listings fell 6.6% year-over-year to 33,310 units, down for the 7th consecutive month (seasonally adjusted). Sales-to-listings ratio was 21%.

Year-to-date, BC residential sales dollar volume fell 6% to $50.23 billion, compared with the same period in 2018. Residential unit sales were 3.9% lower at 72,106 units, while the average MLS® residential price was down 2.2% year-to date at $696,574.

Recent data showed a significant pull-back for new homebuilding intentions in October.

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