Buying a home in British Columbia became even more stressful in 2021, with prices skyrocketing and the number of residential units sold setting new records.
Unfortunately, it doesn’t stop there, as residential property prices are predicted to continue on the same trajectory throughout 2022.
According to a report by the British Columbia Real Estate Association (BCREA), the province saw a record number of homes purchased in 2021.
In total, 124,854 residential units were sold last year, a 32.8% increase from 2020.
The report, which focuses on sales in December 2021, compares the varying home prices in major cities across the province.
Last December, a total of 6,871 residential units were sold in BC, a figure that is down 17.6% from December 2020 when the province set a new home buying record.
Not only was there a record set for number of units sold, but the average price of a residential property sold in December broke records as well, totalling a whopping $1,033,179.
“Last year was a record year for BC homes sales with seven market areas setting new highs,” said BCREA Chief Economist Brendon Ogmundson.
In Victoria, prices continue to rise, with the average price for residential property totalling $1,023,241.
According to BCREA, 419 properties were sold in Victoria in December 2021, a number that continues to drop.
The report also noted that the residential housing situation is particularly concerning in the Fraser Valley, Chilliwack and Vancouver Island, with only one month or less of supply at the current pace of sales.
“Listings activity could not keep up with demand throughout the year,” said Ogmundson.
“As a result, we start 2022 with the lowest level of active listings on record.”