Real estate continues to sizzle throughout the summer

Real estate continues to sizzle throughout the summer

On Behalf of Porter Ramsay LLP | Aug, 24, 2020 | Real Estate Law

Home prices are continuing to sizzle in the country’s most western province. The prices of homes in most of British Columbia have risen year-over-year as of July. Real estate continues rally even though some other sectors of the economy have continued to take a hit.

British Columbia had 10,090 residential unit sales in July, according to the British Columbia Real Estate Association (BCREA). That represents an almost 27% increase over the same time last year. Dollar volume pertaining to sales hit nearly $8 billion — an increase of 43% from July 2019 to July 2020. There are a number of reasons for the increase, one of them being fewer active listings on the market.

There continues to be a strong demand for single family homes throughout the province, particularly in the Okanagan Valley and Vancouver areas. The highest priced homes can still be found in Greater Vancouver where the average price for a single family home is more than $1 million — an increase of about 8% from the same time last year. However, Victoria home prices have risen about 25% where the average price is now $816,427, while homes in the Okanagan Mainline have increased in price by more than 16% with the average price being $624,429.

Despite an economic slump in other areas, the real estate market in British Columbia is in pretty good health. As such, deals continue to be made daily and those deals require an experienced lawyer’s input. A lawyer has a myriad of jobs to do during a real estate transaction — everything from making sure a contract adheres to the laws that govern it and to handing over the keys to a new purchaser upon closing.  

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