Home sales in B.C. in 2021 posted the highest number on record, beating the previous best in 2016.
Because of strong demand last year, the B.C. Real Estate Association reports that 2022 has began with the lowest number of homes for sale in the market.
“Listings activity could not keep up with demand throughout the year,” BCREA chief economist Brendon Ogmundson said in a media release Wednesday (January 12).
“As a result,” Ogmundson continued, “we start 2022 with the lowest level of active listings on record.”
The BCREA noted that active residential listings are down to a “record low” of 12,179 units.
Moreover, “The supply situation is particularly concerning in the Fraser Valley, Chilliwack and Vancouver Island where there is one month or less of supply at the current pace of sales.”
The BCREA knew by November 2021 that the year will set a new record.
This is because year-to-date sales from January to November already exceeded the total tally of 112,425 in 2016.
In its January 12 release, the BCREA noted that total sales in 2021 reached 124,854.
This means that 2021 sales topped 2016 by 11 percent.
Compared to 2020 sales of 94,001 units, last year’s transactions represent a 32.8 percent increase.
The BCREA also reported that the annual average price of a B.C. home rose in 2021 to $927,877.
This marks an 18.7 percent increase from $781,572 in 2020.
The association likewise reported that total sales in 2021 in terms of dollar volume amounted to $115.8 billion, a 57.7 percent increase from 2020.