{"id":16529,"date":"2020-09-30T10:10:00","date_gmt":"2020-09-30T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16529"},"modified":"2020-09-17T16:01:11","modified_gmt":"2020-09-17T23:01:11","slug":"bcrea-strong-year-over-year-home-sales-are-expected-to-continue-into-fall","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-strong-year-over-year-home-sales-are-expected-to-continue-into-fall\/","title":{"rendered":"BCREA Strong Year-Over-Year Home Sales are Expected to Continue into Fall"},"content":{"rendered":"<p style=\"text-align: justify;\">What happened : BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">Residential home sales in British Columbia continued their sharp COVID-19 recovery last month.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">\u201cVery strong provincial home sales continued in August,\u201d noted British Columbia Real Estate Association (BCREA) chief economist Brendon Ogmundson in a news release.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile pent-up demand from the spring is driving much of the increase, we anticipate a sustained strong level of sales through the fall.\u201d<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">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.<\/p>\n<p style=\"text-align: justify;\">Total sales dollar volume for 2020 is up 15.8% to $40.4 billion for the first eight months of the year.<\/p>\n<p style=\"text-align: justify;\">Sales are up nearly 5% year-to-date, and the average MLS residential price is up 10.4%.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2020\/09\/bc-home-sales-climb-43-august\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Sales Climb 43% in August<\/a> by Hayley Woodin | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-strong-year-over-year-home-sales-are-expected-to-continue-into-fall\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16529","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Strong Year-Over-Year Home Sales are Expected to Continue into Fall &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/09\/bcrea-strong-year-over-year-home-sales-are-expected-to-continue-into-fall\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Strong Year-Over-Year Home Sales are Expected to Continue into Fall &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"What happened : BC home sales rose nearly 43% in August, year-over-year, according to the British Columbia Real Estate Association. 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