B.C. real estate: $73.5 billion worth of homes sold in pandemic year 2020, up 35.6 percent from 2019

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      The numbers are in, illuminating real estate's bright spot amid the doom and gloom of 2020.

      The B.C. Real Estate Association has released a report indicating that 93,953 homes were sold last year.

      The number represents a 21.5 per cent from the 77,350 residential units that changed hands in 2019.

      In terms of dollars, the value of homes sold in 2020 amounted to $73.5 billion.

      That’s a 35.6 percent increase from 2019.

      Also, the annual average price of a home in B.C. rose to $782,027, representing an 11.7 percent increase from $700,369 in 2019.

      BCREA chief economist Brendon Ogmundson said that the market “staged a remarkable recovery during the COVID-19 pandemic and recession”.

      ““We expect considerable momentum heading into 2021,” Ogmunson said in a media release Wednesday (January 13).

      Ogmundson also noted a low supply of homes as the 2021 market began.

      “That will likely translate to considerable pressure on prices until listings pick-up,” Ogmundon said.

      Robust December 2020 sales closed the year, which saw the market make a turnaround in the leadup to summer after spring lockdowns and restrictions brought about by the COVID-19 pandemic.

      A total of 8,268 homes were sold in B.C. last month, up 57.8 percent from December 2019.

      The BCREA described the December 2020 market as a “record for the month”.