Quarterly Report
Thursday, February 25, 2021

Surprising Strength  | Strong Sales & Affordability

Sales were very strong during the fourth quarter, as stated by Economist Will Dunning. Landcor’s data showing 34,741 sales for the quarter equates to 39,400 on a seasonally-adjusted basis. While this is not an all-time record, it has been exceeded only by the extraordinary figures that were produced during the boom-time of 2005 to 2007.

Demand is now extremely strong because COVID-19 has caused many of us to think anew about our housing needs and decide that we want to make changes. At the same time, extremely low-interest rates have resulted in considerably better affordability.

If this is the first time reading our quarterly report, you’ll find that it compares average and median pricing for key residential property types (attached, detached, condo) on a regional level.

Our charts show that during 2020-Q4 residential sales were 41% higher than a year earlier with increases occurring in all of the regions. The largest increases were in Kootenay, Okanagan, Fraser Valley, and Vancouver Island. The slowest growth was in BC North/Northwest and Greater Vancouver.