BCREA Housing Market Update for April 2023

The BCREA released it’s latest housing market update for April of 2023. BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the March 2023 statistics.

Home sales up slightly over last month but it is still a bit slower than usual in terms of sales and very low new listing activity. The number of sales are down 38.3% form last year but up 7% monht over month which is seasonally adjusted. Active listings for BC are up 25% compared to this time last year but thenumber of active listings have come down for the last two months because of the recovery in home sales. Home sales are about 20% below the normal levels for this time of year. This has led to tightening markets across the province and just over a three months supply of homes at the current rate of sales. Average price for a BC home in March was $961,000. That is 11.6% less than this time last year however the prices were near their peak in March of 2022. The average home price in BC has risen for the last two months and is now at it’s highest level since May of 2022. The MLS Home Price Composite Index is also down on a year over year basis in all markets.

In Kamloops there were 220 unit sales for March 2023 which was a 35.1% decline since last year. The average price for this past March was $576,974 equating to a 13.6% decline. There were 874 active listings that is up 81% which equates to a 4 month supply of homes. The Kamloops home supply is one of the lowest a month all of the Interior board regions.

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