B.C. Real Estate Association reports market “calming” with sales, average prices going “down slightly”

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      The B.C. Real Estate Association reports that the housing market is “calming”.

      Sales have slowed down “slightly”, but don’t hold your breath for something to pop.

      Activity continues on “record pace”, the BCREA stated in a report Wednesday (May 12).

      In fact, last month’s sales were the “highest on record for April”, BCREA chief economist Brendon Ogmundson said in a media release.

      “Home sales continue on a record pace, though we do see a calming environment compared to the frenzied activity of recent months,” Ogmundson said.

      For perspective, realtors sold a total of 13,683 homes across B.C. in April 2021.

      The number beats the previous all-time high record of 13,482 in May 2016.

      Do recall that the market was very busy early 2016, a phenomenon largely blamed by some on foreign money.

      A foreign buyer’s tax was later introduced in July 2016.

      Even though there was near zero foreign money in 2020 because of the COVID-19 pandemic, the real estate market reached new heights in that year.

      The strong activity continued into 2021, and on March this year, the market notched a new all-time best.

      In March 2021, agents sold 15,073 homes, beating the existing record of 13,482 in May 2016.

      While the April 2021 tally of 13,683 is less than the new record of 15,073 in March 2021, last month’s count was better than May 2016.

      “Although provincial home sales were down slightly from an all-time high in March, sales activity was the highest on record for April,” Ogmundson said.

      Ogmundson said that the province is “starting to see very strong new listings activity in several markets”.

      “However,” Ogmundson continued, “it will take quite some time for total listings to return to the level needed to balance out markets and temper growth in home prices.”

      The average price of a B.C. home in April 2021 was $946,606.

      Last month's average price represents a decline from the March 2021 number of $947,707.