The number of residential units sold last month across British Columbia was the highest ever seen in February, according to British Columbia Real Estate Association data released March 14.
A total of 9,637 units were sold, which is 18% higher than the previous record, which was in February 1992 when 8,157 units were sold. It is also 44.7% higher than the number of units sold in February 2015.
“Housing demand is now at a break-neck pace,” said BCREA chief economist Cameron Muir. “Home sales last month were not only a record for the month of February, but on a seasonally adjusted basis, demand has never been stronger in the province. “
Looking at Greater Vancouver alone, the number of units sold increased almost 37% over the past year, with 4,254 units sold in February, despite a 37% drop in active listings. The average price has grown almost 26%, reaching $1,104,133, compared with $879,069 last year.
“Downward pressure on active listings has created significant upward pressure on home prices in some regions, particularly in Vancouver and the Fraser Valley,” Muir said.
“While home builders have responded with a record pace of housing starts for B.C. last month, the supply isn’t expected to alleviate the imbalance of these markets in the near term.”
@EmmaHampelBIV
