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B.C. Home Sales Weak, But Prices Not Falling In All Markets

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The slump in BC home sales deepened in October as rising interest rates and economic uncertainty pushed potential buyers aside.

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There were 5,242 home sales recorded by the Multiple Listing Service (MLS) last month, down 45% year-on-year, according to the BC Real Estate Association’s latest report.

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Sales have been declining since peaking in 2021 when low interest rates and a trend toward remote work during the pandemic increased demand for larger spaces and real estate outside metropolitan areas.

BCREA chief economist Brendon Ogmundson said, “Sales activity across the state remains sluggish and inventories appear to be flattening.” Average prices have leveled off recently.”

Year-over-year sales slowdown is consistent across most BC real estate commissions

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Chilliwack had the steepest sales decline (61%), followed by the Fraser Valley with a 54% decline.

Greater Vancouver saw home sales drop nearly 46% compared to October 2021. That’s about 33% below his 10-year sales average for the same month.

“The last few years have been amplified by a scarce list of markets to choose from,” said Andrew Liss, director of economics and data analytics for the Greater Vancouver Real Estate Commission, when the board announced earlier this month. characterized by a breakneck pace of sales that has That October number. “Today’s market cycles have changed significantly, slowing the pace of sales and increasing choice.

“This environment gives buyers and sellers more time to conduct home inspections, detailed geological reviews, and other due diligence.”

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The slowdown in sales, though not occurring in all markets, means that prices have also been hit.

According to BCREA, the average home price in British Columbia has fallen 3% compared to October 2021 to $932,979.

Chilliwack was the hardest hit, with home prices down nearly 12% from $806,500 to $710.690. This was followed by Fraser Valley down his 8.3% to $952,950 and Victoria down his 4.3% to $943,834.

The average price in the Greater Vancouver Area increased by just 0.7% year-on-year to $1,231,805.

In a previous report, the BCREA predicted a 34.4% decline in BC home sales in the last quarter of 2022, followed by another 11.4% decline in 2023.

chchan@postmedia.com

twitter.com/cherylchan


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B.C. Home Sales Weak, But Prices Not Falling In All Markets

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