Even in the third wave of a pandemic, home sales records are being shattered across B.C.
The B.C. Real Estate Association (BCREA) reports that 15,073 residential unit sales were recorded by MLS in March.
That’s an increase of 123.3 percent over the previous March and a new all-time record for monthly B.C. home sales.
Source: BCREA Economics
The average MLS residential price in B.C. last month was $947,707, a 20.4 percent increase from $787,032 recorded in March 2020.
It should be noted that average prices across the province are being skewed higher as more expensive single-detached homes remain a higher share of dollar volume during the pandemic.
On Vancouver Island, the benchmark (typical) house price hit $631,500 last month, 18 percent higher than in March 2020.
The benchmark price of an apartment reached $332,400, up nine percent from a year ago, while the benchmark price of a townhouse rose by 19 percent year over year, climbing to $487,100.
Across B.C., total sales dollar volume was $14.3 billion, a 168.9 percent increase from last year.
“Home sales in the province shattered the previous record, led by markets in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson.
“While mortgage rates have risen in recent months and a modest tightening of mortgage regulations is on the horizon, market activity is expected to remain very strong through the spring.”
Fueling the sales frenzy is demand far outweighing supply.
Total active residential listings were down 24.4 percent to 22,337 units in March.
The total inventory of homes for sale remains severely depleted, but new listings activity has accelerated in response to high prices.
“While the total supply of re-sale listings remains at crisis levels, many markets saw record new listings activity in March. Strong new listings activity will need to continue for some time before markets will see a healthier balance with less pressure on home prices,” Ogmundson said.