Stalled Housing Market in British Columbia?
Have plummeting real estate sales in BC this year over last finally stabilized?
According to the Real Estate Association of British Columbia, the answer is yes.
Housing sales are still slower than normal, for BC anyway, at $5.2 billion, a 39.6 percent decline from the same time last year.
BCREA Chief economist Brendon Ogmundson is optimistic the drastic slowdown in housing sales has begun
Ogmundson: “Housing activity across the province remains well below normal but is showing signs of stabilizing,” “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result, we are seeing a healthier balance compared to last year.”
Year-to-date, BC residential sales dollar volume was down 22.1 percent from the same period in 2021 to $63.8 billion. Residential unit sales were down 30.5 percent to 62,502 units, while the average MLS® residential price was up 12 percent to $1.02 million.
How does the Okanagan compare to the rest of the province?
When it comes to sales, 32.2 percent fewer houses changed hands in August of 2022 than the previous August, but the houses that did sell sold for 11.1 percent more than the 2021 average.
That's better than the BC average of 40.8 fewer sales at 2.1 percent gain in selling price.
The Fraser Valley was one of the worst performers with a 0.5 decrease in house value and a 51 percent decrease in houses sold.
Chilliwack saw a 57 percent decrease in house sales but sale prices increased 5.1 percent