{"id":17217,"date":"2021-01-18T10:10:00","date_gmt":"2021-01-18T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17217"},"modified":"2021-01-13T09:10:59","modified_gmt":"2021-01-13T17:10:59","slug":"a-record-month-closes-out-an-unprecedented-year-characterized-by-a-remarkable-recovery","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/01\/a-record-month-closes-out-an-unprecedented-year-characterized-by-a-remarkable-recovery\/","title":{"rendered":"A Record Month Closes Out An Unprecedented Year \u2022 Characterized by A Remarkable Recovery"},"content":{"rendered":"<p style=\"text-align: justify;\">A record month for home sales in December closed out a remarkable year for BC real estate.<\/p>\n<p style=\"text-align: justify;\">The latest data from the BC Real Estate Association (BCREA) shows that sales across the province last month were nearly 58% higher than sales in December 2019 \u2013 a record, according to the association.<\/p>\n<p style=\"text-align: justify;\">The average home price in BC rose by 12.5%.<\/p>\n<p style=\"text-align: justify;\">It was a strong end to a strong real estate recovery that has persisted despite the force of the pandemic&#8217;s second wave.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service (MLS) sales for the year were 21.5% higher than the year before, and the average MLS home price rose nearly 12% year over year.<\/p>\n<p style=\"text-align: justify;\">Total sales dollar volume for 2020 reached $73.5 billion, a more than 35% increase over 2019.<\/p>\n<p style=\"text-align: justify;\">\u201cHousing markets across the province staged a remarkable recovery during the COVID-19 pandemic and recession,\u201d said BCREA chief economist Brendon Ogmundson in a news release.<\/p>\n<p style=\"text-align: justify;\">\u201cWe expect considerable momentum heading into 2021.\u201d<\/p>\n<p style=\"text-align: justify;\">December sales in 11 of 12 markets across the province rose by double digits \u2013 and by at least 29.8% (Chilliwack).<\/p>\n<p style=\"text-align: justify;\">Year-over-year sales were up by more than 54% in Greater Vancouver and Victoria, were 73% higher in the Fraser Valley and up nearly 59% in Okanagan Mainline. The exception to the trend was the Northern Lights market, where residential sales were steady year over year.<\/p>\n<p style=\"text-align: justify;\">The average MLS price in Greater Vancouver sits at nearly $1.08 million (+7.4%), at $898,000 in the Fraser Valley (+18.4%) and above $711,000 in Okanagan Mainline (+37.2%). Average prices rose everywhere except in the B.C. Northern region (-8.5%).<\/p>\n<p style=\"text-align: justify;\">According to the BCREA, December active listings are near a record low, and down around 16% from December 2019.<\/p>\n<p style=\"text-align: justify;\">Until more listings make their way onto the market, the association noted that the dearth of supply will &#8220;likely translate to considerable pressure on prices.&#8221;<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2021\/01\/bc-home-sales-break-december-record\" target=\"_blank\" rel=\"noopener noreferrer\">BC Home Sales Break December Record<\/a> by Hayley Woodin | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A record month for home sales in December closed out a remarkable year for BC real estate. The latest data from the BC Real Estate Association (BCREA) shows that sales &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2021\/01\/a-record-month-closes-out-an-unprecedented-year-characterized-by-a-remarkable-recovery\/\">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-17217","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>A Record Month Closes Out An Unprecedented Year \u2022 Characterized by A Remarkable Recovery &#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\/2021\/01\/a-record-month-closes-out-an-unprecedented-year-characterized-by-a-remarkable-recovery\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"A Record Month Closes Out An Unprecedented Year \u2022 Characterized by A Remarkable Recovery &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A record month for home sales in December closed out a remarkable year for BC real estate. 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