Home Sales Decline in 2022 After a Record 2021
The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in 2022, a 35.2 percent decline from a record 124,788 units sold in 2021. The annual average MLS® residential price in BC was $996,878, a 7.5 percent increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3 percent decline from 2021.
"2022 could not match last year's record pace," said Brendon Ogmundson, Chief Economist.
"While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market."
A total of 3,490 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in December 2022, a decrease of 49.4 percent from December 2021. The average MLS® residential price in BC was $911,753 an 11.5 percent decrease from $1.03 million recorded in December 2021. Total sales dollar volume was $3.2 billion, a 55.2 percent decline from the same time last year.
Source - BCREA