BCREA Housing Market Update for January 2023
BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the January 2023 statistics.
The BC real estate market is off to a slow start for 2023. Sales in the province are down 50.3% yaer over year. January is typically is a slower month for sales, the sales volume for this January is the lowest since January 2009. The invetory is up from January of 2022 however the inventory of home sales is still below the normal number for the month of January. Presently with the sales activity levels it puts the market in more of a balanced territory however it is close to dipping into the buyer’s market range.
The average price provincially was down 16.5% year over year. The sales have shifted away from the more expensive housing to more affordable home sales. Sales of single family detached homes in the lower mainland have dropped quite a bit.
The MLS Composite Price Index shows a 5.9% decline in the Interior region. In comparison Vancouver saw a 6.6% decline, Fraser Valley 15.1%, Victoria 1.3%, Vancouver Island 3.7% and 21.9% in Chilliwack.
Kamloops saw 115 unit sales for January 2023. That is a 38.8% decline year over year. The average price is a $552,976 which is a 12.3% adjustment. Kamloops presently has 752 active listings at the end of January which is 107.2% increase from last January and that equates to 6.5 months worth of supply. Kamloops actually has a lower ‘month of supply’ than other regions with the Okanagan at 9.4 months, South Peace River at 10 months, Kootenay 7.5 months, BC Northern 9.9 months, Greater Vancouver 7.6 months. The only two regions that have a lower month’s worth of supply is the Fraser Valley and Victoria.
There are buyers out looking for homes in Kamloops, we have found that there aren’t a ton of options for buyers in some price segments. It will be interesting to see how the 2023 real estate market pans out for the region. Kamloops seems to be a bit of a unique city where there are a lot of relocations for jobs and the city continues to grow.
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