BC Housing Market Sets a New Record for Monthly Sales

BC Housing Market Sets a New Record for Monthly Sales

BC Housing Market Sets a New Record for Monthly Sales

BCREA reports the home listings were down 21.5%

BC Housing Market Sets a New Record for Monthly Sales: demand for the home was high in January 2021. The BCREA reports that a total of home sales in MLS BC. Which is 1,000 more than Jan. 2020.

The average price in B.C. was $845,169, a 16.1-per-cent increase from $728,269 recorded in January 2020, according to the report.

BCREA chief economist Brendon Ogmundson says while sales were strong across the province, the Fraser Valley, Interior and Vancouver Island regions shattered sales records and “pushed January sales to new heights.”

“The supply of listings continues to be held back by the pandemic,” Ogmundson said in a statement Thursday. “With so few listings, markets are starved for supply and prices are under extraordinary pressure.”

The average price of a home skyrocketed year over year in some areas. In the Fraser Valley, the average price for all home types jumped 25.8 per cent to $944,996 and 26.7 per cent in the B.C. Interior to $634,465.

Realtor Ran Chen‘s Perspective: 

All the media are reporting the real estate market in Vancouver is red hot. However, think about this: where are the money comes from? During the pandemic, all new immigrants can come to Canada due to the border closure. BC’s economic highly relies on the services industry – software, financial, real estate, and insurance……If you take a close look at the retail stores, you just can’t believe what you have seen – hundreds and hundreds of business are for sale/lease now.

The unemployment rate in Vancouver increase from 4.5% Jan. 2020 to 7.4%. 2021. How BC economic is going to recover???

In nowadays, a lot of people showing off their sales record; eg: BC assessment price 1 million, listing price 1.2 million, and sold price: 1.38million – sold by un-condition.

Media only reports how many offers for this house, and how many offers for that one. But no reporter is going to report that once the home buyer purchases a house with no-conditions at all – he/she is going to face a lot of unexpected issues such as base leaks, oil tank problems, roof leakage…….

Never place an unconditional offer unless you know the house well – conditions and terms protect home buyers.