B.C. home sales climb 43% in August

Strong year-over-year sales are expected to continue into fall, according to the British Columbia Real Estate Association. (BCREA)

In August of 2020, B.C. home sales rose slightly over 42 per cent, year-over-year, a massive increase from a poor 2019 market. According to the British Columbia Real Estate Association.

During early spring when COVID-19 became a huge obstacle in the real estate market, the market was dropping off steeply. However, throughout the next few months, the real estate market in B.C. has managed to rise quite rapidly and is doing exceptionally well despite the pandemic. Strong sales are expected to continue through fall.

Residential home sales also continued their path of a sharp recovery in the COVID markets during August.

This 43 per cent statistic are sales that are recorded on MLS (Multiple Listing Service). If you would like to learn some history of the past few months during the COVID-19 market this is what it was like:

August: 43 per cent increase year-over-year

July: 26.6 per cent increase year-over-year

June: 16.9 per cent increase year-over-year

However, May and April were both much worse months for the real estate market in B.C.

May: 45 per cent decrease year-over-year

April: 51 per cent decrease year-over-year.

“Very strong provincial home sales continued in August,” noted British Columbia Real Estate Association (BCREA) chief economist Brendon Ogmundson in a news release.

“While pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.”

Greater Vancouver is easily one of the most expensive real estate markets in Canada and is also one of the least consistent, going through ups and downs many times, however, it has been doing quite poorly until a couple of months ago. Greater Vancouver's market rose by 38.4 per cent year-over-year for the month of August. With the average home price rising by 10.6 per cent.

Across B.C., the average MLS residential price increased 12.7% to just over $771,000 last month, compared to August 2019. 

If you would like to learn more about the real estate market in B.C. during the month of August, or if you are thinking about buying or selling your properties, please contact Matt Gul, who is a top luxury real estate agent situated in West Vancouver, who can help you with all of your needs. To contact Matt Gul please call him at 778.888.8888 or email him at matt@mattgul.com

Summarized by: Onur Gul on Instagram at @onurgulfilm