B.C. home sales set record in March

Average house price in province also rose

B.C. home sales set another record in March, led by markets in the Lower Mainland, according to a B.C. Real Estate Association report Tuesday.

Sales increased 123.3 per cent over March 2020 for a total of 15,073 residential homes sold, which, according to the association, is a record for monthly sales in the province.

The average residential price in B.C. was $947,707, a 20.4 per cent increase from $787,032 recorded in March 2020.

The association notes 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.

Association chief economist Brendon Ogmundson said home sales in the province shattered the previous record.

“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,” Ogmundson said in a statement Tuesday.

The number of active residential listings were down 24.4 per cent to 22,337 units in March. The total inventory of homes for sale remains severely depleted, but new listings have 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,” said Ogmundson.

The average price for all homes in Vancouver is up 11.3 per cent to $1,201,858 from $1,080,193 in March 2020.

Other areas where the cost of a home jumped significantly are Abbotsford, where the average price went up more than 30 per cent to $1,018,778 from $779,347 and the Interior, including the Peace River region, where the average price spiked more than 34 per cent to $328,743 from $244,077.