Last summer, the B.C. Real Estate Association released a housing forecast anticipating double-digit increases for sales and prices in 2021.
“The pace of home sales in the province has slowed in recent months but an unprecedented start to the year still has BC on track for a record-breaking year,” BCREA chief economist Brendon Ogmundson wrote in the report released last August 19.
Ogmundson is on target.
In a new report, the BCREA states that the number of homes sold from January to September 2021 has totalled 99,182 units.
The number of sales mark a 52.4 percent increase compared to the same nine-month period in 2020.
Meanwhile, the average price of a B.C. notched a 19.3 percent increase, rising to $911,195 as of September this year.
Year-to-date, the dollar volume or amount for B.C. home sales was up 81.8 percent to $90.4 billion, compared to the same period in 2020.
In its third quarter housing forecast last August 19, the BCREA predicted that home sales will total 118,350 units in 2021.
If achieved, the number will mark a 25.9 percent increase from the 94,007 sales last year.
With the current year-to-date sales of 99,182 units, transactions as of September 2021 so far have already surpassed the whole of 2020.
Meanwhile, the BCREA forecast last August 19 indicated that that the average price in 2021 will climb to $911,300, for a 16.6 percent increase over $781,561 last year.
With the January-September 2021 average price of $911,195, the BCREA’s anticipated average price of $911,300 for the year is already within reach.