BCREA Housing Market Update for January 2022
BCREA has released it’s latest housing market update for January 2022 which discusses December 2021 statistics and the 2021 sales. 2021 was a record year for the BC housing market with home sales reaching 124,854 sales, surpassing the previous record of 112,425 in 2016. Seven different markets in BC set sales records for 2021. Provincial home sales for December were down 17.6% year over year. Listing activity has remained low resulting in 2022 beginning with the lowest level of active listings on record. There were just over 12,000 active listings in BC which is down 41% from one year ago. With a low number of listings, markets around BC are under pressure pushing the markets far into Seller’s market territory. The MLS average price for BC was up 22.7% year over year in December and passed the one million mark for the first time ($1,033,179). For 2021 the average home price was about $928,000.
For Kamloops there were 159 unit sales for the month of December which is a 33.2% decline year over year. The average price was $631,657 which is a 33.8% increase year over year. Kamloops finished with an active listing count of 375 which is 61.3% less than the previous year which equates to 2.4 months worth of supply. We have seen very few homes list for sale in January leading to multiple offers on properties. This has resulted in sales being reported well over the asking price. There doesn’t seem to be an end in sight at this time however with more listing inventory it should help ease the pressure on home buyers.
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