The latest statistics from the British Columbia Real Estate Association (BCREA) suggest B.C.’s housing market is beginning to balance out.
BCREA reported 4,775 residential unit sales were recorded in MLS in February 2023, representing a decrease of 46.5 per cent from February 2022.Â
The average home price in B.C. in 2023 was $941,575, a drop of 14.7 per cent compared to the average price of over $1.1 million in February 2022, which was recorded at the market’s peak.Â
The total sales dollar volume was $4.5 billion, representing a 54.4 per cent decrease year-over-year.
Source: BCREA
BCREA Chief Economist Brendon Ogmundson explained that while activity across provincial housing markets remains well below normal, there are encouraging signs that the market is balancing out, adding, “Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.”
Average price down nearly 15%
The average price was up 8.5 per cent month-over-month to its highest level since July 2022, partially due to a more stable market, but also because of the composition of sales reverting to a more normal mix following low sales of single detached homes through the Lower Mainland in January.
Source: BCREA
