A total of 93,953 residential unit sales were recorded last year, an increase of 21.5% from the 77,350 units sold in 2019.
The annual average residential price on MLS in BC was $782,027, which is an 11.7% increase from $700,369 in the previous year.
Home sales dropped significantly in the first few months of the pandemic, but the heightened level of activity ever since BC’s economic restart in late spring has been unwavering from both pent-up demand from the shutdown earlier in the year, changing housing preferences, and record low interest rates.
“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA Chief Economist Brendon Ogmundson in a statement. “We expect considerable momentum heading into 2021.”