BCREA Housing Market Update for November 2023
BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the October 2023 statistics in the most recent Housing Market Update.
Home sales in BC have continued to slow as the markets adjust to the jump in mortgage rates. The rates at this time are at their highest level since 2007. Sales for October 2023 were about 15% below normal for that time of year. Sales were 1.8% higher than October 2022, however October 2022 was a slow month for sales. The sales were down nearly 10% on a monthly basis from September 2023. The number of active listings are also up about 12% year over year and up 5% from September. Due to the increasing inventory and slower sales, that is contributing to a larger inventory accumulated. For the long term, active listings are about 50% below where they need to be for a long term balanced market. Presently we are looking at a balanced market but it is skewing closer to a buyer’s market in BC. The average price for BC homes sold in August was $958,000. That is up 4.1% year over year but flat since September 2023. Year to date the averge home price in BC is down 3.4% compared to 2022.
In Kamloops there were 184 units sales in October 2023, this reflects a 9.5% increase year over year. The average price saw 4.1% growth to $616,934. There were 1.065 active listings which is a 13.7% change which equates to 5.8 months of supply. The Kamloops market is definitely slower to absorb the number of listings on the market. There are still active sectors that see a lot of activity however the higher priced homes are much slower to sell.
For the complete news release, including detailed statistics, click here.
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