Prices, sales up in B.C. real estate, while inventory down: real estate association

The British Columbia Real Estate Association says the term "blistering" describes the unprecedented number of home sales completed across the province last month.

The Association says nearly 11-thousand homes changed hands in February, an 89 per cent leap over February 2020 and more than one-thousand sales higher than the previous February record, set in 2016.

Prices also jumped by more than 17 per cent, making the average home in B.C. worth close to $890,000.

Association chief economist Brendon Ogmundson says markets were sizzling in all areas of B-C, driven by near record sales in Metro Vancouver and the fewest new listings, provincewide, in two decades, although he says the number of homes for sale is beginning to climb.

Average prices are also up dramatically, reaching double-digit hikes in every area of BC except South Peace River, where prices were still up about seven per cent, although the greatest gains last month were in Powell River at 27 per cent and Chilliwack where the average home was 24 per cent more expensive.