A record month for home sales in December closed out a remarkable year for BC real estate.

The latest data from the BC Real Estate Association (BCREA) shows that sales across the province last month were nearly 58% higher than sales in December 2019 – a record, according to the association.

The average home price in BC rose by 12.5%.

It was a strong end to a strong real estate recovery that has persisted despite the force of the pandemic’s second wave.

Multiple Listing Service (MLS) sales for the year were 21.5% higher than the year before, and the average MLS home price rose nearly 12% year over year.

Total sales dollar volume for 2020 reached $73.5 billion, a more than 35% increase over 2019.

“Housing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,” said BCREA chief economist Brendon Ogmundson in a news release.

“We expect considerable momentum heading into 2021.”

December sales in 11 of 12 markets across the province rose by double digits – and by at least 29.8% (Chilliwack).

Year-over-year sales were up by more than 54% in Greater Vancouver and Victoria, were 73% higher in the Fraser Valley and up nearly 59% in Okanagan Mainline. The exception to the trend was the Northern Lights market, where residential sales were steady year over year.

The average MLS price in Greater Vancouver sits at nearly $1.08 million (+7.4%), at $898,000 in the Fraser Valley (+18.4%) and above $711,000 in Okanagan Mainline (+37.2%). Average prices rose everywhere except in the B.C. Northern region (-8.5%).

According to the BCREA, December active listings are near a record low, and down around 16% from December 2019.

Until more listings make their way onto the market, the association noted that the dearth of supply will “likely translate to considerable pressure on prices.”

BC Home Sales Break December Record by Hayley Woodin | BIV