Close X
Saturday, November 23, 2024
ADVT 
National

BC real estate market remains hot for month of February

Darpan News Desk BCREA, 11 Mar, 2021 07:50 PM
  • BC real estate market remains hot for month of February

The British Columbia Real Estate Association (BCREA) reports that a total of 10,918 residential unit sales were recorded by the Multiple Listing Servicein 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."

MORE National ARTICLES

Vancouver Police arrests alleged party hosts for health order violations

Vancouver Police arrests alleged party hosts for health order violations
Manjinder Sagoo, 37, is now charged with three counts of failing to comply with an order of the health officer, contrary to Section 99 on the B.C. Public Health Act.

Vancouver Police arrests alleged party hosts for health order violations

Construction begins on new St. Paul's Hospital

Construction begins on new St. Paul's Hospital
Health Minister Adrian Dix says it's a "great day," as the new site will be a full-service acute care hospital and integrated health-care campus with a capacity for 548 beds.

Construction begins on new St. Paul's Hospital

Federal, B.C. rent help for 25,000 households

Federal, B.C. rent help for 25,000 households
Ahmed Hussen, federal families, children and social development minister, says the 10-year, $517-million Canada-B.C. Housing Benefit will provide financial assistance to top up monthly rent payments for those who can't make ends meet.

Federal, B.C. rent help for 25,000 households

MPs vote to summon Kielburger brothers to testify

MPs vote to summon Kielburger brothers to testify
The charity said it would therefore decline the requests to testify. Monday's motion was originally put forward by the Conservatives, and amended by the NDP to set a deadline of Friday.

MPs vote to summon Kielburger brothers to testify

B.C. gets 1.7 million calls as vaccine lines open

B.C. gets 1.7 million calls as vaccine lines open
Dix says the "enormous" response today reflects the significant support for vaccination in the province.

B.C. gets 1.7 million calls as vaccine lines open

Committee expands probe into military misconduct

Committee expands probe into military misconduct
The committee members will also ask Defence Minister Harjit Sajjan back to clarify what opposition members say are contradictions between his testimony and that of former military ombudsman Gary Walbourne.

Committee expands probe into military misconduct