BC Housing Market Showing Signs of Stabilizing Despite Decreased Activity
For the complete news release, including detailed statistics, click here.
Vancouver, BC – September 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,645 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2022, a decrease of 40.8 per cent from August 2021. The average MLS® residential price in BC was $918,378, a 2.1 per cent increase from $899,428 recorded in August 2021. Total sales dollar volume was $5.2 billion, a 39.6 per cent decline from the same time last year.
“Housing activity across the province remains well below normal but is showing signs of stabilizing,” said BCREA Chief Economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”
Year-to-date, BC residential sales dollar volume was down 22.1 per cent from the same period in 2021 to $63.8 billion. Residential unit sales were down 30.5 per cent to 62,502 units, while the average MLS® residential price was up 12 per cent to $1.02 million.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
What we do
Popular tags within Economics
Popular posts from BCREA
New Statutory Holiday on September 30, National Day for Truth and ReconciliationSep 09, 2021
Housing Market Update – September 2022Sep 15, 2022