Summary:

• Both residential unit sales and average price were decreased from the same time last year.
• Home sales have risen for three consecutive months and yet matched by new listings coming onto the market, which causes the price to rise.

Vancouver, BC – May 11, 2023.

The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) systems in April 2023, a decrease of 17.7 per cent from April 2022. The average MLS^® residential price in BC was 995,506 down 5.6 per cent compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5 per cent decrease from the same time last year.

The BC Home Buyer Rescission Period comes into effect January 23, 2023. Here is the video created by BCREA to help you understand this new policy better. 

Housing Market Activity Remains Slow in November

Highlights

• Bond yield volatility surges through the Fall.

• The Canadian economy may be starting its descent into a recession.

• A Bank of Canada pivot in 2023?

Mortgage Rate Outlook

The relative calm in the mortgage markets contrasts with the unprecedented volatility in the bond market. From just the second half of October to early November, Canadian bond yields experienced three of the top 25 most significant daily moves over the past 20 years. Indeed, the bond market seems to be evaluating and re-evaluating the Bank of Canada’s overnight rate path with each data release and announcement. Interestingly, even with the still persistently high Canadian inflation in October, bond yields have fallen and are now at levels last seen in early October.

Despite the decline in bond yields from where they peaked in early October, we have not seen an adjustment to five-year fixed rates as lenders wait for a clear signal on the direction of their funding costs. If five-year bond yields...

Vancouver, BC – November 14, 2022.

The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price...

Vancouver, BC – November 8, 2022. The British Columbia Real Estate Association (BCREA) released its 2022 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 34.4 per cent from a record high 2021 to 82,345 units this year. In 2023, MLS® residential sales are forecast to fall an additional 11.4 per cent to 72,960 units.

“The factors that drove unprecedented housing market activity over the past two years, including record low mortgage rates, buyer preference for extra space and the ability to work remotely, are now unwinding,” said BCREA Chief Economist Brendon Ogmundson. “As a result, there has been a significant shift in the housing market, which we anticipate will continue through 2023.”

With continued high-interest rates and what looks like a difficult 2023 ahead for the Canadian economy, we anticipate that market activity is going to fall below normal levels next year. On...