B.C. housing market still showing low activity levels
Posted November 14, 2023 10:53 am.
Last Updated November 14, 2023 11:02 am.
B.C. buyers and sellers are struggling as the housing market is still showing low activity levels this fall.
While the provincial market remains very inactive in terms of sales and listings, the BC Real Estate Association (BCREA) says it’s just “finding balance.”
The association’s recent report stated a total of 5,373 residential unit sales were recorded in Multiple Listing Service (MLS) systems in October 2023, which is an increase of 1.8 per cent from October 2022.
The average residential price of the sales in B.C. was $968,786 up 4.1 per cent compared to October 2022. And the total sales dollar volume was $5.2 billion, representing a 6 per cent increase from the same time last year.
The association notes these increases are expected given high borrowing costs and a punishing mortgage stress test.
“The inventory of homes for sale remains quite low, despite a modest uptick in new listings… markets have found balance, though at a very low level of activity,” said Brendon Ogmundson, BCREA chief economist.
The association says active listings may be up slightly for October, but they are still very low by historical standards and fall short of what you’d usually need to have a sustainable market balance.
