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Media Release March 11, 2021

BC REA - Stats Release

MEDIA RELEASE

BC Housing Market Continues at a Record Pace


February 2021 Sales Over/Under Previous Sales Record
VANCOUVER, B.C. – March 11, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2021, an increase of 89.1 per cent over February 2020 and over a thousand sales higher than the previous February record, set in 2016. The average MLS® residential price in BC was $889,584, a 17.3 per cent increase from $758,382 recorded in February 2020. Total sales dollar volume was $9.7 billion, a 121.8 per cent increase from last year.

“Near-record sales in Metro Vancouver, combined with unprecedented housing demand outside of Metro Vancouver, continues to drive a blistering pace of home sales in BC,” said BCREA Chief Economist Brendon Ogmundson.

Total active residential listings were down 28.7 per cent to 20,185 units in February, the lowest level of provincial active listings on record, going back to 2000. Fortunately, new listings have increased considerably, but given the pace of sales, total inventory of homes for sale remains severely depleted.

“There is a drought of resale inventory across the province,” added Ogmundson. “With so few listings, and with so much demand for single-detached homes, average prices have increased dramatically.”

February 2021 Residential Average Price, Active Listings and Sales-to-Active-Listings Data by Board
February 2021 BC Residential Multiple Listing Service Data by Board

February 2021 Year-to-Date BC Residential Multiple Listing Service Data by Board

For more information, please contact:  
Brendon Ogmundson
Chief Economist
Direct: 604.742.2769
Mobile: 778.505.6793
Email: bogmundson@bcrea.bc.ca