The Fraser Valley, including Chilliwack, posted impressive sales increases in August as total home sales across BC soared from the same month a year earlier.

BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association (BCREA), and were up 55.9% in the Fraser Valley and 63% higher in Chilliwack.

Seasonally adjusted sales have continued their sharp V-shaped recovery after dropping off steeply during the height of the COVID-19 pandemic, the BCREA notes. Strong sales are expected to continue through this fall, with total higher sales expected this year than in 2019, despite a global pandemic.

Sales recorded on the Multiple Listing Service (MLS) in August were up 42.8% 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.

“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. The average home price rose 10.6% in Greater Vancouver, to $1.07 million, and 14% in the Fraser Valley, to $820,585. The average Chilliwack home price is up 14% to nearly $587,000.

Across BC, the average MLS residential price increased 12.7% to just over $771,000 last month, compared to August 2019.

The biggest year-over-year price increase is in the South Okanagan, where average home prices surged 32.7% to $539,451; and in Central Okanagan, including Kelowna, where the average home price is now $636,431,up 23.2% from August of 2019.

The latest data published by the BCREA also shows that the August sales dollar volume rose 61.1% to $7.8 billion.

For the first eight months of 2020, the total BC sales dollar volume is up 15.8% to $40.4 billion, compared to a year earlier.

The BCREA noted that active listings remain down 10% across the province, with some markets even more under-supplied, which has led to higher home prices.

Fraser Valley Home Sales Increase Leads Province by Western Investor | BIV