The 2021 home sales in BC are now officially record-high!

The British Columbia Real Estate Association (BCREA) reported that 2021 homes sales set a new annual record for BC. A total of 9,159 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2021. This is a decrease of 3.4 percent from November 2020. The average MLS® residential price in BC during November 2021 was $993,922. This is a 22.1 percent increase from $814,310 recorded in November 2020.

The total sales dollar volume was $9.1 billion, which was a 17.9% increase from the same time last year. With the added increase in unit sales, this means that a new annual record was set in November 2021, and one month of the year still to be counted, the record is expected to increase additionally.

“Provincial MLS® home sales reached a new annual record in November with still one month to go in 2021,” said BCREA Chief Economist Brendon Ogmundson. “Home sales have already surpassed the previous annual record of 112,425 units set in 2016.”

Total active residential listings continued to tumble and fell to a record low for the province, with a 39% year-over-year decrease. The number of active listings is now about half of the level reached prior to the pandemic.

To date, BC residential sales dollar volume is up by 63.6% to $108.7 billion compared to the same period in 2020:

• Residential unit sales were up 37.7 percent to 117,973 units
• The average MLS® residential price was up 18.8 percent to $921,806.

If you have any questions about these numbers or real estate in on Vancouver Island, you can reach out to the Scott Parker team at 250-751-1223.

Original Source: BCREA