The British Columbia Real Estate Association (BCREA) has reported a decline in the housing market for March 2023, with only 7,118 residential units sold, a 38.3% drop compared to March 2022. The average MLS® residential price in BC has also decreased to $961,451, which is an 11.6% drop from March 2022, where it was close to $1.1 million during the market’s peak. This resulted in a total sales dollar volume of $6.8 billion, a 45.5% decrease compared to the same time last year.
According to BCREA’s Chief Economist Brendon Ogmundson, despite slow sales, the housing market in the province is still experiencing low levels of listings, which has caused a two-month increase in the average home price in BC. Ogmundson also noted that active listings in the province have gone up by 25% compared to last year, but they have fallen for two consecutive months due to a modest recovery in home sales and weak new listings activity. This trend highlights the challenges the BC housing market is currently facing due to the lack of supply, which is affecting overall sales volume.
The Fraser Valley real estate market experienced a decline in average prices and sales volume from March 2022 to March 2023. The average price dropped by about 20%, from $1,204,626 to $964,950. Active listings decreased, while the sales to active listings ratio also declined. Year-to-date figures show a significant decline in sales volume and unit sales. This could be due to various factors, such as rising interest rates and stricter mortgage rules. Despite the decline, the Fraser Valley real estate market is still relatively strong, with an average price of $943,741 for the year-to-date in March 2023.
If you have any questions about the state of today’s market, don’t hesitate to get in touch. You can reach me directly at 604 302 0177 or [email protected]. Let’s talk!