From the British Columbia Real Estate Association (BCREA) February 14, 2022:
- January 2022 the Province of BC saw a decrease of 14.7 percent in residential sales compared to January 2021.
- The average residential price in BC was $1,042,169 – a 23.5 percent increase from $843,918 in January 2021.
- Active listings near record lows – Just 13,000 total listings in the province in January where a healthy level of listings for the province is closer to 40,000.
“Sales activity is down compared to record levels at the start of last year,” said BCREA Chief Economist Brendon Ogmundson. “However, the level of sales activity remains strong compared to the long-term average and inventory is still incredibly low. As a result, it will take quite some time to get back to healthy balance in the BC market.”
For the complete BCREA Economics news release, including detailed statistics, click here.