B.C. home prices ‘remain firm’ among softening market: BCREA

Posted December 12, 2023 9:08 am.
The BC Real Estate Association says that despite rising mortgage rates and softening sales in the province, home prices have been “remarkably resilient” in 2023.
In an update on the provincial market Tuesday, BCREA chief economist Brendon Ogmundson explained that “low inventory has meant that prices hold firm even at the much-reduced levels of sales activity experienced this year.”
The BCREA says according to its data, year-to-date residential sales dollar volume was down 12.4 per cent to $67.5 billion, compared to the same time period in 2022.
“The average MLS residential price was down 2.9 per cent to $971,069,” the association explained.
However, when looking at specific areas, Greater Vancouver, the Fraser Valley, Kamloops, and the Okanagan saw drops of more than five per cent year-over-year. Greater Vancouver’s average price now sits at $1,283,004 — a price reduction of 6.6 per cent.
The Fraser Valley saw the biggest drop in the province, with the average price of a home now coming in at $988,647 — a reduction of eight per cent year-over-year.
“On a seasonally adjusted basis, active listings in the province have increased for the sixth consecutive month and are now back to their highest level since August 2020,” the BCREA explained.