New all-time monthly record set in March 2021 for home sales in British Columbia

house sales in bc march 2021

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In March 2021, a total of 15,073 homes of all types were sold across the province, according to a market bulletin released today by the British Columbia Real Estate Association (BCREA).
This represents a 123% increase from March 2020 and sets a new all-time high for monthly home sales in British Columbia.

Additionally, the average home price in the province was $ 947,707 – a 20.4% increase from $ 787,032 in March 2020.

The BCREA notes that average prices are higher, as more expensive single-family homes remain a higher share of the dollar volume during the pandemic. Total sales volume for the month was $ 14.3 billion, an increase of 169% from the same month in 2020.

In the first three months of 2021, the Greater Vancouver Real Estate Board (REBGV) recorded home sales of $ 14 billion, up from $ 6.5 billion compared to the same period last year. The Fraser Valley Real Estate Board (FVREB) grew even higher, growing from 171% from $ 2.7 billion in the first quarter of 2020 to $ 7.3 billion in the first quarter of 2021.

Home sales in British Columbia totaled $ 30.1 billion in March 2021, an increase of 133.5% from the $ 12.9 billion in March 2020.

“Home sales in the province broke the previous record, led by the Lower Mainland markets,” Brendon Ogmundson, chief economist of BCREA said in a statement.

“As mortgage rates have risen in recent months and a slight tightening of mortgage regulation is on the horizon, market activity is expected to remain very strong in the spring.”

The demand also emerges from the number of registrations available; Total active home listings fell 24.4% year over year to 22,337 units in March 2021.

The BCREA data is a compilation of statistics reported by real estate boards across the province, with each real estate board noting a substantial increase in home sales year over year.

As reported earlier this month, the provincial shift is largely attributable to activity in the Lower Mainland, with REBGV reporting a 128% increase in home sales from 2,562 units in March 2020 to 5 843 units as of March 2021. The average home price for all typical REBGV homes is $ 1.2 million, an 11% year-over-year increase.

The growth rate is even higher in the FVREB – up 158%, from 1,365 units in March 2020 to 3,187 units in March 2021. The average price of FVREB homes now hovers at $ 1.019 million, an increase of 30.7% compared to a year ago. FVREB’s jurisdiction includes Surrey, Langley, White Rock, parts of Delta and Abbotsford.

The Chilliwack and District Real Estate Board experienced the strongest year-over-year growth in British Columbia at 158%, with sales reaching 681 units last month.

“While the total supply of resale listings remains at crisis levels, many markets experienced record new listing activity in March,” he continued.

“Strong new listing activity will need to continue for some time before markets see a healthier balance with less pressure on home prices.”

Home sales statistics in March 2021 in British Columbia. (British Columbia Real Estate Association)

Home sales statistics in March 2021 in British Columbia. (British Columbia Real Estate Association)

Statistics on home sales in March 2021 in British Columbia. (British Columbia Real Estate Association)

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