BCREA Housing Market Update for February 2022
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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