BC residential sales dropped over 50 percent from their peak in the month of November 2021 compared to November 2022 according to the BC Real state Association (BCREA).
November sales numbers also represent a 30 percent decrease in the historical average for the month.
The average residential price in BC was $906,785. That's over 8 percent less than last year's average price of $992,245.
BCREA's Chief Economist Brendon Ogmundson says
“A lot has changed in 2022, “This time last year home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels".
So far in 2022, the average drop in all residential sales in BC is over 30 percent.