The first half of 2019 was a struggle for British Columbia real estate markets but the second half of the year showed more positive signs.
Figures from the British Columbia Real Estate Association show total residential sales in 2019 of 77,331, down 1.5% from the 78,516 in 2018. But the second-half comeback means an optimistic tone for the start of 2020.
“Housing markets across the province staged a strong recovery in the second half of 2019,” said BCREA Chief Economist Brendon Ogmundson. “This sets up 2020 to be a much more typical year than what markets have experienced recently.”
The annual average MLS® residential price in BC in 2019 was $700,460, a decline of 1.6% from $711,564 recorded the previous year. Total sales dollar volume was $54.2 billion, a 3% decline from 2018.
Sharp rise in December
Looking at BC’s sales for December 2019, there was a total of 5,218 through the MLS, up 48.9% year-over-year.
The average MLS® residential price in BC was $755,165, an increase of 8.7% from December 2018 and the total sales dollar volume was $3.9 billion, a 61.8% increase year-over-year.