Despite a COVID-19-driven recession, B.C. saw real estate sales surge 21.5 per cent last year, while prices across the province were up 11.7 per cent from 2019.

"Prospective home buyers continue to grapple with the decline in their purchasing power caused by federal government changes to mortgage policy", said Muir.

Housing demand to pick up in the next two years, according to BCREA's chief economist, Cameron Muir.

Total sales volume was $2.36 billion, a 38.4 per cent decline from the same month last year, according to the Association.

The number of B.C. home sales are expected to rise in 2019.

CBREA chief economist Cameron Muir blames the mortgage stress test and moderately higher interest rates.

The real estate association says even if dirty money is entering the market, it's not enough to be driving up prices.

"Is there mould? Has the electrical been tampered with? Are there chemicals around?"

November showed no slow down in B.C. housing demand or price increases.

Vancouver and B.C.'s real estate market will continue to stall in 2017, according to a report from the B.C. Real Estate Association.