B.C. real estate: $32.5 billion worth of homes sold so far in 2020, up 8.4 percent from last year

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      Realtors across B.C. sold $32.5 billion worth of homes since the start of 2020 up to July.

      The number represents an 8.4 percent increase over the same period of time in 2019.

      This comes amid the ongoing COVID-19 pandemic.

      The market ground to a standstill in April 2020 with lockdowns and physical distancing measures.

      Real estate activity picked up starting June.

      The temporary slowdown in the market could explain why year-to-date unit sales were slight down.

      The B.C. Real Estate Association reported Thursday (August 13) that the number of homes sold went down 1.4 percent.

      From January to July 2020, 43,718 homes sold across the province, slightly lower compared to the same period in 2019.

      However, average prices rose 10 percent.

      The BCREA reported that the year-to-date average of a home went up to $754,842.  

      “The strong recovery in sales activity continued in July,” BCREA chief economist Brendon Ogmundson said in a media release.

      Ogmundson also noted an “upward pressure on home prices”.

      In the month of July, a total of 10,090 homes were sold, an increase of 26.6 percent from July 2019.

      The total sales dollar volume in July 2020 reached $7.8 billion, a 43 percent increase over 2019.