The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service (MLS) in February 2020, an increase of 26.3 percent from February 2019. The average MLS residential price in BC was $758,863, a 12 percent increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4 percent increase over 2019.

“Housing markets in BC continued to trend near long-term average levels in February,” said BCREA Chief Economist Brendon Ogmundson. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although there is significant economic uncertainty lingering over the outlook.”Total MLS residential active listings fell 8.4 percent to 28,303 units compared to the same month last year. The ratio of sales to active residential listings increased by 20.3 percent from 14.7 percent last February. Year-to-date, BC residential sales dollar volume was up 38.4 percent to $7.6 billion, compared with the same period in 2019. Residential unit sales increased 24.8 percent to 10,135 units, while the average MLS residential price was up 10.9 percent to $745,501.   

For the complete news release, including detailed statistics, click here.