Vancouver, BC – March 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 5,741 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in February 2020, an increase of 26.3% from February 2019. The average MLS® residential price in BC was $758,863, a 12% increase from $677,681 recorded the previous year. Total sales dollar volume in February was $4.4 billion, a 41.4% increase over 2019.

“Housing markets in BC continued to trend near long-term average levels in February,” said BCREA Chief Economist Brendon Ogmundson. “Recent declines in mortgage rates and favourable changes to mortgage qualifying rules may provide a boost to home sales heading into the spring, although there is significant economic uncertainty lingering over the outlook.”

Total MLS® 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.

Year-to-date, BC residential sales dollar volume was up 38.4% to $7.6 billion, compared with the same period in 2019. Residential unit sales increased 24.8% to 10,135 units, while the average MLS® residential price was up 10.9% to $745,501.

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BC Home Sales Trend Higher in February by Brendon Ogmundson | BCREA