Vancouver, BC – October 12, 2021. The British Columbia Real Estate Association (BCREA) reports that a total of 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9% from September 2020. The average MLS® residential price in BC was $913,471, a 14% increase from $801,241 recorded in September 2020. Total sales dollar volume was $8.4 billion, an 8.6% decline from last year.

“Home sales have settled at levels that are slightly above long-term average,” said BCREA Chief Economist Brendon Ogmundson. “The main story in all markets continues to be a severe lack of listings supply, particularly in Fraser Valley, Vancouver Island and Interior markets.”

Total active residential listings were down 36.8% year-over-year in September for the province as a whole and were more than more than 50% below last September’s levels in the Fraser Valley and Victoria.

Year-to-date, BC residential sales dollar volume was up 81.8% to $90.4 billion, compared to the same period in 2020. Residential unit sales were up 52.4% to 99,182 units, while the average MLS® residential price was up 19.3% to $911,195.

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Record-Low Supply Keeps Market Conditions Tight in September by Brendon Ogmundson | Chief Economist | BCREA