What happened : BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association.

Why it matters: Seasonally adjusted sales have continued their sharp V-shaped recovery after dropping off steeply during the height of the COVID-19 pandemic. Strong sales are expected to continue through fall.

Residential home sales in British Columbia continued their sharp COVID-19 recovery last month.

Sales recorded on the Multiple Listing Service (MLS) in August were up nearly 42% year-over-year. The increase follows similar double-digit gains in July (26.6%) and June (16.9%). Sales were down more than 45% in May and by nearly 51% in April, 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.”

Sales in Greater Vancouver rose by 38.4% year-over-year for the month of August, and were up 55.8% in the Fraser Valley. The average home price rose 10.6% and 14%, respectively.

Across BC, the average MLS residential price increased 12.7% to just over $771,000 last month, compared to August 2019. The latest data published by the BCREA also shows that total sales dollar volume rose 61.1% to $7.8 billion.

Total sales dollar volume for 2020 is up 15.8% to $40.4 billion for the first eight months of the year.

Sales are up nearly 5% year-to-date, and the average MLS residential price is up 10.4%.

BC Home Sales Climb 43% in August by Hayley Woodin | BIV