Housing sales spike upward in B.C. in December, but annual numbers remain flat

by Charlie Smith on January 13th, 2020 at 8:19 AM

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The latest numbers from the B.C. Real Estate Association suggest a rebound in the provincial housing market.

In December, there were 5,218 transactions through the Multiple Listing Service, up 48.9 percent from the last month of 2018.

The average MLS price was up 8.7 percent in December over the same month of the previous year, rising to $755,165. And total dollar volume rose 61.8 percent over the same month of 2018.

On an annual basis, however, total sales were down 1.5 percent in 2019 compared to the previous year.

The average price was off 1.6 percent and the total dollar volume fell three percent.

“Housing markets across the province staged a strong recovery in the second half of 2019,” BCREA chief economist Brendon Ogmundson said in a news release. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”

Earlier this month, the Real Estate Board of Greater Vancouver reported that there was a three percent increase in sales in 2019 in its territory, which extends up to Whistler but which doesn't incude White Rock, North Delta, Surrey, and Langley.

However, the 25,351 units sold were still 29.6 percent below the figure recorded in 2017.

Prices were down 2.2 percent year-over-year in the Real Estate Board of Greater Vancouver, but they were up 8.5 percent in the Fraser Valley Real Estate Board.