{"id":214963,"date":"2021-03-26T18:08:00","date_gmt":"2021-03-26T22:08:00","guid":{"rendered":"https:\/\/www.livabl.com\/articles\/?p=214963"},"modified":"2021-03-26T18:08:00","modified_gmt":"2021-03-26T22:08:00","slug":"bc-average-home-price-up-126k","status":"publish","type":"post","link":"https:\/\/www.livabl.com\/articles\/archives\/bc-average-home-price-up-126k","title":{"rendered":"BC\u2019s average home price shot up $126k in the last year"},"content":{"rendered":"

<\/h4>

\"bc-home-prices\"<\/a>Photo:\u00a0Lee Robinson<\/a>\/Unsplash<\/a><\/em><\/p>\n

As of the end of February, the average price of a BC home was $866,583, up by $126,000 over the same time a year ago.<\/p>\n

That increase equates to a 17 percent annual increase, a pace that a Central 1 Credit Union economist calls \u201castounding.\u201d<\/p>\n\n

In a research note published earlier this month, the credit union\u2019s Deputy Chief Economist Bryan Yu explained that a combination of record demand and low supply are propelling BC home prices skyward. February\u2019s gain represents the highest percentage increase recorded since 2017.<\/p>\n

Yu writes that some local markets outside of Greater Vancouver are recording even stronger price growth than the province-wide figure. According to data from the British Columbia Real Estate Association (BCREA), Powell River, Kootenay, Chilliwack, Fraser Valley and Victoria all posted home price increases well north of 20 percent in February thanks to remarkable demand for suburban detached homes.<\/p>\n

\u201cThe near unbelievable strength in this market continues to be shaped by the pandemic era as demand is bolstered by low borrowing costs, elevated savings, steady employment among higher wage earners, and shift in preferences away from high density living,\u201d Yu wrote.<\/p>\n

Echoing RBC Senior Economist Robert Hogue\u2019s commentary<\/a> from earlier this month, Yu warned that panic could be setting in among homebuyers who are rushing to get into the \u201crapidly accelerating market\u201d and overbidding on homes in the process.<\/p>\n

Looking ahead, however, Yu believes that an eventual return to offices and general economic normalization later this year will push buyers back to urban centres. This, in turn, will moderate buyer demand as incomes are reallocated to other spending and individuals have less time to search for homes, he wrote.<\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

As of the end of February, the average price of a BC home was $866,583, up by $126,000 over the same time a year ago. That increase equates to a 17 percent annual increase, a pace that a Central 1 Credit Union economist calls \u201castounding.\u201d<\/p>\n","protected":false},"author":5,"featured_media":214965,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2021-03-26T22:08:15Z","apple_news_api_id":"1460858c-a79b-4029-8f3c-c1e7a77ad18a","apple_news_api_modified_at":"2021-03-26T22:08:15Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/AFGCFjKebQCmPPMHnp3rRig","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[8652],"apple_news_notices":[],"yoast_head":"\nBC\u2019s average home price shot up $126k in the last year | Livabl<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.livabl.com\/articles\/archives\/bc-average-home-price-up-126k\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BC\u2019s average home price shot up $126k in the last year | Livabl\" \/>\n<meta property=\"og:description\" content=\"As of the end of February, the average price of a BC home was $866,583, up by $126,000 over the same time a year ago. 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