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Identifying Different Property Interests in British Columbia #584

Property ownership in BC can take many different forms. In this article, we examine REALTORS®' role in correctly representing them.

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Oct 12, 2022

BC Market Activity Remains Subdued in September

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Oct 12, 2022

BC Market Activity Remains Subdued in September

Author profile photo
By Brendon Ogmundson,
Chief Economist
Author profile photo
By Brendon Ogmundson,
Chief Economist

For the complete news release, including detailed statistics, click here.

Vancouver, BC – October 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of 45.8 per cent from September 2021. The average MLS® residential price in BC was $927,119, a 1.7 per cent increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9 per cent decline from the same time last year.

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“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”

Year-to-date, BC residential sales dollar volume was down 24.2 per cent from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8 per cent to 67,547 units, while the average MLS® residential price was up 11.3 per cent to $1.01 million.

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Author profile photo
By Brendon Ogmundson,
Chief Economist
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