Here's how much the cost of owning a home in BC has fallen since 2022

Here's how much the cost of owning a home in BC has fallen since last year

Cherry blossoms blooming in residential Burnaby. (Shawn.ccf/Shutterstock)

The cost of owning a home in BC has fallen sharply since last year.

Despite the sharp drop in costs when looking at January 2023 versus January 2022, the reality of owning a home in the province is likely unattainable for most.

Still, the latest numbers from the BC Real Estate Association (BCREA) highlight how much of an impact interest and lending rates have on the province’s real estate market.

You might also like:

Not only have average residential home prices fallen in every region that the BCREA looks at, but home sales are also down in all those regions.

The BCREA states that activity in the housing market is “off to a slow start in 2023.”

In January 2022, 3,047 residential unit sales were recorded, a massive 50.3% decrease compared to January 2023.

In terms of prices, the average residential price in BC in 2023 dipped to $872,934, which is down 16.1% compared to January 2022, when the average home price was $1,040,481.

While inventory is looking better this year, that’s only in comparison to a record low in January 2022.

“However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity,” BCREA says in a statement.

As mentioned, prices fell sharply in every BC region that the BCREA covers, falling most sharply in the Fraser Valley. Meanwhile, sales plunged the furthest compared to last year in the Greater Vancouver region.

BCREA

The cost of owning a home in BC is the most affordable in the South Peace River and BC Northern regions.

Would you move to one of those locales to buy a home?

Another tip if you’re looking to save is to avoid homes that feature Versace wallpaper.

You might also like: