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Housing stock remains in short supply across province: BCREA

Prices reached highest level since May 2022 amid supply crunch
Though housing prices have declined compared to the same time last year, March 2023 represents the second consecutive month of residential price increases, according to the BCREA.

The average home price in B.C. went up for the second consecutive month as the province continues to navigate a market with low supply, according to the B.C. Real Estate Association’s (BCREA) latest data.

Residential unit sales recorded on Multiple Listing Service (MLS) decreased by 38.3 per cent across B.C. between March 2022 and March 2023, totalling 7,118 units.

In Greater Vancouver, sales decreased by 42.5 per cent annually to 2,535 units.

“The B.C. housing market is currently characterized by slow sales but also still very low levels of listings,” BCREA chief economist Brendon Ogmundson said in a statement.

Though active listings in the province are up 25 per cent compared with the same period last year, March is the second straight month they have fallen “in the wake of a modest recovery in home sales and continued weak new listings activity,” according to the BCREA’s release.

“Consequently, even though home sales remain about 20 per cent below normal levels for this time of year, the average home price in B.C. has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply,” said Ogmundson.

The average residential price across B.C. rose by 2.2 per cent between February and March 2023, according to Ogmundson.

The average residential price seen on MLS decreased by 12.6 per cent to $961,451, compared with the average price of $1.1 million in March of last year. The total sales dollar volume decreased by 45.5 per cent to $6.8 billion within the same time period.

Average residential prices in Greater Vancouver decreased 5.1 per cent to $1,269,589 between March 20222 and March 2023.

The Fraser Valley posted to biggest decrease in average price – 19.9 per cent.

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