Last month, nearly 4,000 housing units were sold in British Columbia, which was up 1.8 per cent from the same time last year, according to the British Columbia Real Estate Association (BCREA).

Slower home sales in B.C. with tough stress test and high borrowing costs

The average home price in B.C. was $968,786, representing a 4.1 per cent boost compared to October last year. Total sales volume was $5.2 billion, a 6 per cent increase from the same time period.

“Home sales have slowed as expected given high borrowing costs and a punishing stress test,” the BCREA’s chief economist, Brendon Ogmundson, reports. “However, the inventory of homes for sale remains quite low, despite a modest uptick in new listings. Consequently, markets have found balance, though at a very low level of activity.”

Active listings increase, still under average

Seasonally adjusted, the province’s active listings went up for the fifth consecutive month, yet still remain low by historical standards. They’re also under what’s normally needed for long-term, sustainable market balance.

Sales volume down

Year-to-date, compared to October 2022, B.C.’s residential sales volume went down 13.6 per cent to $63.1 billion. Unit sales decreased 105 per cent to 64,936 units, and the average price dropped 3.4 per cent to $971,802.

Read BCREA’s full report here.