Pandemic Halts Sales Activity in March
. The British Columbia Real Estate Association (BCREA) reports that a total of 6,717 residential unit sales were recorded by the Multiple Listing Service (MLS) in March 2020, an increase of 17.2 per cent from March 2019. The average MLS residential price in BC was $789,548, a 15.1 per cent increase from $685,892 recorded the previous year. Total sales dollar volume in March was $5.3 billion, a 35 per cent increase over 2019.
"Provincial housing markets started the month very strong before the COVID-19 pandemic put a halt to activity," said BCREA Chief Economist Brendon Ogmundson. "Activity will slow considerably in April as households and the real estate sector implement measures necessary to mitigate the spread of this virus."