Home Sales Decline in 2022 After a Record 2021

Jan 12, 2023

CATEGORY:   
TAGS:      
Posted by
Brendon Ogmundson
Chief Economist

PRINT


Economics for REALTORS® Online Course Register Now

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

Vancouver, BC – January 12, 2023. The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2022, a 35.2 per cent decline from a record 124,788 units sold in 2021. The annual average MLS® residential price in BC was $996,878, a 7.5 per cent increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3 per cent decline from 2021.

chart

"Last year could not match last year's record pace," said Brendon Ogmundson, Chief Economist. "While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market."

A total of 3,490 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2022, a decrease of 49.4 per cent from December 2021. The average MLS® residential price in BC was $911,753 an 11.5 per cent decrease from $1.03 million recorded in December 2021. Total sales dollar volume was $3.2 billion, a 55.2 per cent decline from the same time last year.

table

-30-

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

  • Housing Market Update – January 2023
    Jan 16, 2023
  • New Statutory Holiday on September 30, National Day for Truth and Reconciliation
    Sep 09, 2021