{"id":16902,"date":"2020-11-12T11:11:00","date_gmt":"2020-11-12T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16902"},"modified":"2020-11-12T08:45:29","modified_gmt":"2020-11-12T16:45:29","slug":"bcrea-housing-market-sustained-its-blistering-pace-of-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/bcrea-housing-market-sustained-its-blistering-pace-of-activity\/","title":{"rendered":"BCREA Housing Market Sustained Its Blistering Pace of Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in October 2020, an increase of 43.8% from October 2019. The average MLS\u00ae residential price in BC set a record of $812,960, a 12.5% increase from $722,333 recorded the previous year. Total sales dollar volume in August was $8.98 billion, a 61.8% increase over 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cThe provincial housing market sustained its blistering pace of activity in October,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cWhile pent-up demand may be starting to fade, record low interest rates and a recovering job market are supporting strong sales.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cA pandemic-driven shift in buyers\u2019 preference for extra space is pushing average prices to record highs as larger value transactions account for a higher share of sales,\u201d added Ogmundson. Prices are also being pushed higher by a lack of inventory. Total provincial active listings continue to trend lower and were close to 14% lower in October 2020 compared to 2019.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was up 29.7% to $58.7 billion, compared with the same period in 2019. Residential unit sales were up 16.3% to 76,140 units, while the average MLS\u00ae residential price was up 11.5% to $771,085.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2020-10.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/bc-housing-market-continues-record-pace-in-october\/\" target=\"_blank\" rel=\"noopener noreferrer\">BC Housing Market Continues Record Pace in October<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 November 12, 2020. The British Columbia Real Estate Association (BCREA) reports that a total of 11,051 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/bcrea-housing-market-sustained-its-blistering-pace-of-activity\/\">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-16902","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Housing Market Sustained Its Blistering Pace of Activity &#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\/11\/bcrea-housing-market-sustained-its-blistering-pace-of-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Market Sustained Its Blistering Pace of Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 November 12, 2020. 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