BCREA reports that a total of 5,831 residential unit sales were recorded by MLS® in January 2016, up 33.2 per cent from a year ago. Total sales dollar volume was $4.39 billion in January, up 69.1 per cent compared to the previous year.
The average MLS® residential price in the province was up 26.9 per cent year-over-year, to $752,906.
"Heightened demand is being met with the lowest level of supply in a decade, resulting in increased pressure on prices in much of the province."
The housing market has seen a blistering start to 2016, with housing demand supported by low mortgage rates and rising employment and wage growth in the province.
However, MLS® residential sales are forecast to edge lower this year. Total MLS® sales last year were the third highest on record at 102,517. A record 106,310 residential unit sales were recorded in 2005, while the only other year eclipsing 2016 were 2007 when 102,805 unit sales were recorded.