Category: B.C. Real Estate News

Vancouver, BC – November 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,373 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in October 2023, an increase of 1.8 per cent from October 2022. The average MLS® residential price in BC was $968,786 up 4.1 per cent compared to October 2022. The total sales dollar volume was $5.2 billion, representing a 6 per cent increase from the same time last year.

“Home sales have slowed as expected given high borrowing costs and a punishing stress test,” said BCREA Chief Economist Brendon Ogmundson. “However, the inventory of homes for sale remains quite low, despite a modest uptick in new listings. Consequently, markets have found balance, though at a very low level of activity.”

On a seasonally adjusted basis, active listings in the province have increased for the fifth consecutive month, but still remain low by historical standards and fall short of what is typically required for a sustainable market balance in the long term.

Year-to-date BC residential sales dollar volume was down 13.6 per cent to $63.1 billion, compared with the same period in 2022. Residential unit sales were down 105 per cent to 64,936 units, while the average MLS® residential price was down 3.4 per cent to $971,802.

For the complete news release, including detailed statistics, click here.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

BCREA 2023 Fourth Quarter Housing Forecast

Vancouver, BC – October 25, 2023. The British Columbia Real Estate Association (BCREA) released its 2023 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to decline 4.8 per cent to 76,700 units this year. In 2024, MLS® residential sales are forecast to post a modest rebound, rising 4.8 per cent to 80,375 units.

“Activity in the BC housing market has mirrored movements by the Bank of Canada over the past two years,“ said Brendon Ogmundson, Chief Economist. “As such, there is little reason to believe that sales will meaningfully detach from the anchor that is monetary policy over the next year. Thankfully, it appears that the Bank is at, or at least very near, the end of its tightening cycle and may begin lowering its policy rate late next year.”

After trending down for most of the year, new listings activity has normalized in the second half of 2023, which, combined with slowing sales, has led to a modest uptick in total inventory. Still, at just over 30,000 listings, the supply of homes for sale falls considerably short of the roughly 45,000 active listings that are historically consistent with a healthy, balanced market. Prices saw a significant increase in the first half of the year, but that surge in prices has since given way to a flattening trend as market conditions balance out, albeit at a low level of market activity. We expect a 1.9 per cent decrease in annual prices for 2023 compared to 2022, with a slight uptick expected in 2024, driven by a projected recovery in the latter half of the year.

For the complete news release, including detailed statistics, click here.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.

Vancouver, BC – October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in September 2023, an increase of 10.4 per cent from September 2022. The average MLS® residential price in BC was $966,530 up 4.8 per cent compared to September 2022. The total sales dollar volume was $5.3 billion, representing a 15.7 per cent increase from the same time last year.

“Home sales in BC have clearly been impacted by the Bank of Canada’s recent tightening of interest rates, along with the resulting surge in mortgage rates,” said BCREA Chief Economist Brendon Ogmundson. “Home sales are once again trending at below average levels as potential buyers struggle with a high cost of borrowing.”

Active listings in the province were up slightly month-over-month at just over 33,000 total listings and were 8.1 per cent higher year-over-year.

Year-to-date BC residential sales dollar volume was down 15 per cent to $57.9 billion, compared with the same period in 2022. Residential unit sales were down 11.5 per cent to 59,570 units, while the average MLS® residential price was down 4 per cent to $972,049.

For the complete news release, including detailed statistics, click here.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.