Market Review.

Record-Setting Month for BC Homes Sales.

Vancouver, BC - April 13, 2021.

The British Columbia Real Estate Association (BCREA) reports that a total of 15,073 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in March 2021, an increase of 123.3 per cent over March 2020 and a new all-time record for monthly BC home sales.

The average MLS® residential price in BC was $947,707, a 20.4 per cent increase from $787,032 recorded in March 2020. It should be noted that 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. Total sales dollar volume was $14.3 billion, a 168.9 per cent increase from last year.

"Home sales in the province shattered the previous record, led by markets in the Lower Mainland," said BCREA Chief Economist Brendon Ogmundson. "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."

Total 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 activity has 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.