B.C. real estate home sales decrease in February; realtors optimistic
Posted March 13, 2023 10:16 am.
Home sales in B.C. dropped 46.5 per cent this past February compared to the same month last year, but the BC Real Estate Association (BCREA) is optimistic the market is recovering heading into the spring.
According to its monthly report, the BCREA says 4,775 residential units sold last month for an average price of $941,575. That marks a 14.7 per cent decline from $1.1 million in February 2022.
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Despite the declining numbers year-over-year, BCREA Chief Economist Brendon Ogmundson says the sector is optimistic for the coming months.
“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.
The report points out that the average price for a home increased from January to February of this year by 8.5 per cent.
A BCREA graph showing month-to-month comparisons in real estate numbers from January to February 2023. (Photo via BCREA)
Greater Vancouver continues to see the most expensive market in the province, with the average price for a home last month sitting at just over $1.2 million. That figure is down 9.2 per cent compared to the same month the previous year.
The Fraser Valley, however, saw the most drastic drop in average home sales. In February of 2022, homes were listed for an average of $1.2 million, which fell to $942,780 last month — a 26.5 per cent decline.
The only areas in the province to see increases in the average home price were in B.C.’s Interior, with the Kootenay and South Peace regions seeing average increases of 3.3 per cent and 59.1 per cent, respectively.
Listings across the province increased from last year. All but one region saw an increase from February 2022 to the same month this year, with the Okanagan, Kamloops, Victoria and Vancouver Island regions all seeing active listing increases of over 100 per cent. Province-wide, there was a 41.5 per cent increase in active listings.
