BC housing market showing "signs of stabilizing" despite huge sales drop
The British Columbia Real Estate Association (BCREA) has revealed the latest stats on residential housing sales in BC, revealing a significant decrease in August 2022 compared to last year.
In total, 5,645 residential housing sales were recorded in BC this August, which marks a 40.8% decrease from August 2021.
According to the Multiple Listing Service (MLS) in BC, the average residential price was $918,378, which, despite the slow sales, is an increase of 2.1% from last year when the average price was $899,428.
According to the BCREA, total sales dollar volume was $5.2 billion, a 39.6% decline from last year.
Looking at averages around the province, the Greater Vancouver area saw the highest total prices in August, reaching $1,195,428. Conversely, the lowest average prices were found in the South Peace River region, where the average was $278,867 in August.
“Housing activity across the province remains well below normal but is showing signs of stabilizing,” said BCREA Chief Economist Brendon Ogmundson in a statement.
“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.”
BCREA
“Compared to last year, BC residential sales dollar volume was also down 22.1% from the same period in 2021 to 63.8 billion,” said the BCREA report.
#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.
Read the full report here: https://t.co/X4BVYb07AB pic.twitter.com/9CjT5ssEQk
— BC Real Estate Association (@bcrea) September 13, 2022