All-time new monthly record reached in March 2021 for BC home sales

Surrey skyline (Shutterstock)

Throughout March 2021, a total of 15,073 homes of all types were sold across the province, according to a market bulletin released today by the British Columbia Real Estate Association (BCREA).

This represents an increase of 123% over March 2020, and establishes a new all-time record for monthly home sales in BC.

Furthermore, the average home price in the province was $947,707 — a 20.4% increase from $787,032 in March 2020.

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BCREA notes that the average prices are being skewed higher as more expensive single-detached homes remain a higher share of dollar volume during the pandemic. The total sales volume for the month was $14.3 billion, which is a 169% increase from the same month in 2020.

Over the first three months of 2021, the Real Estate Board of Greater Vancouver (REBGV) saw $14 billion in home sales — up from $6.5 billion over the same period last year. The Fraser Valley Real Estate Board (FVREB) saw even higher growth, rising by 171% from the $2.7 billion in the first quarter of 2020 to $7.3 billion in the first quarter of 2021.

Home sales across BC totalled $30.1 billion in March 2021, which is a 133.5% increase from the $12.9 billion in March 2020.

“Home sales in the province shattered the previous record, led by markets in the Lower Mainland,” said BCREA chief economist Brendon Ogmundson in a statement.

“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.”

Demand was also apparent from the number of listings available; the total active home listings were down 24.4% year-over-year to 22,337 units in March 2021.

BCREA’s data is a compilation of real estate board reported statistics across the province, with every single real estate board noting a substantial year-over-year increase in home sales.

As reported earlier this month, the provincial shift is largely driven by activity in the Lower Mainland, with the REBGV reporting a 128% increase in home sales from 2,562 units in March 2020 to 5,843 units in March 2021. The average home price across all home types in REBGV is $1.2 million, which is an 11% year-over-year increase.

The rate of growth is even greater in the FVREB — up by 158% from 1,365 units in March 2020 to 3,187 units in March 2021. The average FVREB home price is now hovering at $1.019 million, which is a 30.7% increase from a year ago. FVREB’s jurisdiction includes Surrey, Langley, White Rock, parts of Delta, and Abbotsford.

The Chilliwack and District Real Estate Board saw BC’s highest year-over-year growth of 158%, with sales rising to 681 units last month.

“While the total supply of re-sale listings remains at crisis levels, many markets saw record new listings activity in March,” he continued.

“Strong new listings activity will need to continue for some time before markets will see a healthier balance with less pressure on home prices.”

March 2021 home sale statistics in BC. (BC Real Estate Association)

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