The British Columbia Real Estate Association says a record-low supply is keeping market conditions tight in the province.
BCREA reports that 9,164 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2021, a decrease of 19.9 per cent from September 2020.
The average residential price in BC was $913,471, a 14 per cent increase from $801,241 recorded in September 2020.
Total sales dollar volume was $8.4 billion, an 8.6 per cent 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 per cent year-over-year in September for the province as a whole and were more than 50 per cent below last September’s levels in the Fraser Valley and Victoria.
Year-to-date, BC residential sales dollar volume was up 81.8 per cent to $90.4 billion, compared to the same period in 2020. Residential unit sales were up 52.4 per cent to 99,182 units, while the average MLS® residential price was up 19.3 per cent to $911,195.