B.C. real estate: “blistering” February home sales total $9.7 billion, marking 121.8 percent increase over last year

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      B.C. realtors sold a total of $9.7 billion worth of homes across the province in February 2021.

      The value represents a 121.8 percent increase over the dollar volume reached in the same month last year.

      The markets served by the real estate boards of Greater Vancouver and the Fraser Valley accounted for more than half of the figure.

      In February 2021, a total of 4.3 billion worth of homes were sold by agents with the Real Estate Board of Greater Vancouver (REBGV).

      Meanwhile, realtors with the Fraser Valley Real Estate Board (FVREB) sold $2.5 billion worth of homes.

      These numbers form part of a market report released Thursday (March 11) by the B.C. Real Estate Association.

      BCREA chief economist Brendon Ogmundson cited a “blistering pace of home sales”.

      According to Ogmundson, this is being driven by strong demand for homes in Metro Vancouver and outside the region.

      In the report, the BCREA indicated that a total of 10,918 homes were sold in February 2021.

      The number represents an 89.1 percent increase over February 2020.

      Out of the 10,918 homes sold across B.C. last month, 3,852 of these were in the markets served by the REBGV.

      The FVREB region accounted for 2,692 homes sold in February 2021.

      Moreover, deals last month were “over a thousand sales higher than the previous February record, set in 2016”.

      The BCREA also reported that the average price of a home in the province rose to $889,584 last month.

      That means a 17.3 percent increase from $758,382 in February 2020.