Declining interest rates may give added boost to sales heading into spring
The total value of residential sales in British Columbia increased by over 40% in February compared to the same month in 2019, according to figures from the British Columbia Real Estate Association (BCREA).
BCREA reported that a total of 5,741 residential unit sales were recorded in February 2020, an increase of 26.3% from February 2019. The average residential price was $758,863, a 12% increase from $677,681 recorded the previous year. And significantly, the total sales volume in February was $4.4 billion – a 41.4% increase over 2019.
Read more: B-20 cost province $500 million in lost economic activity: BCREA
“Housing markets in BC continued to trend near long-term average levels in February,” said Brendon Ogmundson, chief economist at BCREA. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into spring, although there is significant economic uncertainty lingering over the outlook.”
Total residential active listings fell 8.4% to 28,303 units compared to the same month last year. The ratio of sales to active residential listings increased 20.3% from 14.7% last February.
Perhaps unsurprisingly, the Greater Vancouver area experienced the biggest year-on-year sales increase with 2,185 residential unit sales – a 44.5% increase from last year. Additionally, the average residential price in Greater Vancouver was $1,006,708 – a 6.9% increase from the same period in 2019.
