BC Real Estate Market Continues Record Pace In Around Town

November 19, 2020

Your Weekly Construction Briefing

Pent-up demand is fueling the housing market across B.C. A report released last week from the BC Real Estate Association shows that sales jumped nearly 44 percent last month compared to October 2019. 

The BC Real Estate Association is reporting a 44% increase in home sales in BC in October 2020, year-over year.

On Vancouver Island, sales jumped nearly 77 percent last month compared to the previous October. There was a slight drop in home sales in September, because there just wasn’t enough on the market. 

Vancouver Island Real Estate Board president, Kevin Reid, says he doesn’t see things cooling off, even with the second wave of the pandemic. “Demand is high,” he said. “People are wanting to come to the island, there is a shortage of housing, and that’s probably the single-most limiting factor: the number of houses for sale.:

Demand outweighing supply is a province-wide theme and prices are being pushed higher by a lack of inventory. 

Total provincial active listings continue to trend lower and were close to 14 percent lower in October 2020 compared to 2019.

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