Please note, the year over year percentage change numbers in this report will appear very large due to the periods being compared. Last spring saw some of the lowest reported numbers in history. When compared to this year’s record high numbers, the gains will appear skewed. We have included new comparisons to the 5 and 10-year averages to provide a clear picture of where this spring's numbers compare to the historical averages.
The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 472 units in October 2021. This was a minor decrease of 1.5% (seven sales) from October 2020 but was still one of the best levels for this month on record.
Home sales were 7.1% above the five-year average and 16.5% above the 10-year average for the month of October.
On a year-to-date basis, home sales totaled 4,815 units over the first 10 months of the year. This was a jump of 32.7% from the same period in 2020.
"Sales activity recorded quite the month-over-month gain, likely the result of an uptick in new listings coming onto the market in October," said Sandra Hinchliffe, President of the BC Northern Real Estate Board. "Overall supply levels are still hovering at all-time lows and price levels are at records, and one month of a stronger influx of new supply isn’t going to change that. If we see a sustained increase in new listings returning to the market, however, this might help to restore a little balance to what is otherwise still very much a seller’s market."
The average price of homes sold in October 2021 was a record $403,101, increasing by 16.5% from October 2020.
The more comprehensive year-to-date average price was $382,974, a gain of 14.4% from the first 10 months of 2020.
The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over a vast geographic area (the Board serves an area covering over 600,000 square kilometers or 72% of the province).
The dollar value of all home sales in October 2021 was $190.3 million, up by 14.8% from the same month in 2020. This was also a new record for the month of October.
The number of new listings saw an increase of 5.2% from October 2020. There were 444 new residential listings in October 2021.
New listings were 5.3% below the five-year average and 4.7% below the 10-year average for the month of October.
Active residential listings numbered 1,424 units on the market at the end of October, a large decline of 13.5% from the end of October 2020. Active listings haven't been this low in the month of October in three decades.
Active listings were 26.4% below the five-year average and 36.9% below the 10-year average for the month of October.
Months of inventory numbered 3 at the end of October 2021, down from the 3.4 months recorded at the end of October 2020 and below the long-run average of 5.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.