press release<\/a>. \u201cHome sales have already surpassed the previous annual record of 112,425 units set in 2016.\u201d<\/p>\n<\/p>\n
The increased sales activity has produced bidding wars and elevated prices across the province. Year-to-date, B.C. residential sales dollar volume sits at $108.7 billion, up 63.6 per cent compared to the same period in 2020 ($66.4 billion), while the average residential price has increased 18.8 per cent to $921,806.<\/p>\n
While transaction totals continue to rise, low inventory has also set records, with active listings falling to 16,459, well off the 27,057 recorded at this time last year.<\/p>\n
\u201cTotal active residential listings continued to tumbler lower, falling 39 per cent year-over-year to a record low for the province,\u201d the BCREA noted. \u201cActive listings are now about half of the level reached prior to the pandemic.\u201d<\/p>\n
B.C.\u2019s average MLS residential price was $993,922 in November, a 22.1 per cent increase from $814,310 recorded in November 2020. Total sales dollar volume for the month topped $9.1 billion, a 17.9 per cent increase from the same time last year.<\/p>\n
Greater Vancouver continues to have the province\u2019s most expensive real estate, with the average home price exceeding $1.24 million, up 14.6 per cent from November 2020, although the price gap between outlying areas is shrinking.<\/p>\n
According to the BCREA, the average home price in the Fraser Valley has topped $1.1 million, a year-over-year increase of 21.8 per cent, while Victoria recorded an average of $987,970 in November, up 23 per cent from a year ago.<\/p>\n
![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/12\/roshan-raj-EzHeXcUuzxw-unsplash.jpg\")
<\/a>Photo: Roshan Raj<\/a> \/ Unsplash<\/a><\/em><\/p>\n