BC housing market starting to balance out after last year's peak: report

After the BC housing market peaked in 2022, early indications are that we’re returning to a more balanced market.

In the British Columbia Real Estate Association (BCREA)’s recent housing market update for March 2023, BCREA Chief Economist Brendon Ogmundson said that “while activity across provincial housing markets remains well below normal, there are encouraging signs that the market is balancing out.”

“Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply,” he said.

#BCREA reports that 4,775 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in February 2023, a decrease of 46.5 per cent from February 2022.
Read more stats here: https://t.co/gLv4t7lPoY pic.twitter.com/aJ3rmPPsAd

— BC Real Estate Association (@bcrea) March 13, 2023

The housing market peaked this time last year, so compared to last year, the numbers look pretty good.

BCREA stats show that residential unit sales recorded in MLS systems in February 2023 were down 46.5% from last year. The average residential price was down 14.7% from last year, and total sales dollar volumes were down 54.4%.

Watch BCREA Chief Economist Brendon Ogmundson discuss the February 2022 statistics in this Housing Market Update. #BCREA #HousingMarketUpdatehttps://t.co/K8Va8nTCy6

— BC Real Estate Association (@bcrea) March 16, 2023

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