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