While economists have predicted that some of Canada’s hottest housing markets will cool in 2016, B.C.’s is still showing no signs of slowing down. February sales smashed records according to the BC Real Estate Association, with a total of 9,637 home sales in the province for the month, representing a 44% year-over-year increase.
The last February record was set in 1992, with 8,157 units being sold for the month.
BCREA chief economist Cameron Muir says demand in the province has never been stronger.
“Housing demand is now at a break-neck pace,” he said in a release. “Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley.”
Total dollar sales volume was $7.51 million in February, up more than 76% year-over-year. The average Mutiple Listing Service home price also experienced a 21% year-over-year increase to $779,419.
Home sales in Vancouver also broke records for February, with a total of 4,172 units being sold in the Metro area. That represents a year-over-year increase of 36.3%.
The increased demand for homes in the city has resulted in some crazy bidding wars. A ramshackle home in Point Grey recently sold for $2.5 million, $80,000 over its asking price, while a Kitsilano home on a standard lot sold for $735,000 more than it was listed, breaking area records.
Yet another Vancouver home, described as a teardown, sold for $1 million over its asking price.