BC Real Estate Association (BCREA) has released it’s latest Housing Market Update where Chief Economist Brendon Ogmundson discusses the January 2022 statistics.
Sales activity across the province was down about 15% from a record January 2021 however it remained above the long term average levels. Home sales year over year were essentially flat from December 2021. Active listings in the province are still at historically low levels. Active listings were down 36% year over year which equated to 13,000 listings. For historical context in a balanced market you would see active listings closer to the 40,000 mark. This imbalance has kept markets all over BC very tight. MLS average price for BC was up 23.5% year over year in January. Average prices in the interior are up significantly compared to this time last year.
The average home price in Kamloops was $631,032 which is a 25% year over year change. There were 189 unit sales, down 24.4%. There were 363 active listings down 25.9% which equated to 1.9 months worth of supply.
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Vancouver, BC – February 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in January 2022, a decrease of 14.7 per cent from January 2021. The average MLS® residential price in BC was $1,042,169, a 23.5 per cent increase from $843,918 recorded in January 2021. Total sales dollar volume was $6.4 billion, a 5.3 per cent increase from the same time last year.
“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.”
Total active listings remain near record lows with just 13,000 total listings in the province. For context, a healthy level of re-sale listings for the province is closer to 40,000 listings. As a result of this listings drought, markets all over the province are seeing significant upward pressure on prices.
Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.
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The Kamloops District Real Estate Association has released the latest Statistics for January 2022. Click on the image below to enlarge or PDF documents included in the links below.
This latest release was produced by the Kamloops District Real Estate Association and discusses the residential prices in Kamloops and statistics for January 2022.
Kamloops, BC – 02-04-2022: The Kamloops and District Real Estate Association (KADREA) reports that a total of 185 residential unit sales were recorded by the Kamloops & District Multiple Listing Service® (MLS®) in January 2022. This is 25.7 per cent below the numbers that were recorded in January 2021, which was 249. The average MLS® residential price in the area was $664,969, up by approx. 34.8 per cent from $493,139 recorded in the same month last year. Total sales dollar volume in January stood at $123.1 million, a 0.1 per cent rise from 2021, which was $122.8 million. There were 306 new listings recorded by the Kamloops MLS® last month and there are 768 active listings in the Kamloops & district region, as of February 03, 2022.
According to KADREA President, Chelsea Mann, “We’ve noticed the market follow its usual course in the last two quarters of 2021, where we sold fewer listings as we approached winter. However, for the majority of 2021, average prices kept pushing higher every month. The demand for homes also remained high, and our inventory shrunk to record lows. Just like other regions in the province, our falling inventory led to a sharp rise in average prices in the last 12 months. But if you compare our January 2022 sales figures with December 2021, you’ll find that we’ve sold more units but the average price increase has not been astronomical. As January usually marks the beginning of an uptrend that peaks during spring and lasts until May, our performance of 185 listings sold in January 2022, is an encouraging sign of a move toward normalcy in the market. Although, this should not be confused with the demand and supply imbalance that still exists in our region.”
Lack of inventory continues to be a cause of concern for the market. “As inventory levels have been trending lower month-on-month, the entire province has been struggling to manage the high demand for real estate. We got a surplus of new listings over sales for a few months, but that hasn’t been sufficient enough to bridge that gap that was left by the post-pandemic hot-market. I believe that upcoming government policies and higher interest rates will play a role in the way the market behaves in the days to come. As our sales performance is expected to be affected by several supply and demand factors, this will be a time when both buyers and sellers will need a Realtor® the most”, added Chelsea.
In the last 12 months, a total of 3639 residential unit sales were recorded by the Kamloops & District MLS®, with dollar volume of $2.07 Bn at an average price of $569,860.
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