BCREA Housing Market Update for September 2022

BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson discusses the August 2022 statistics. Housing activity around the province has remained well below the normal levels however is showing signs of stabilizing. The number of sales were down in August 40.8% year over year. The number of active listings increased for a forth consecutive month on a year over year basis which means that we see 36% more listings in the province in comparison to this time last year. There are early signs of the inventory stalling or slowing down. We have seen the market return to a more balanced market versus the sellers market we were seeing for the past couple years. The MLS average price was up 2.1% year over year for the month of August to $918,000. The shift of the home sales is affecting the average price due to more lower priced properties selling versus homes in the high price point which skewed the average price much higher.

For Kamloops we saw 187 sales for August 2022, that is a 36.4% decline year over year. The average price was $580,128 which is a 3.9% increase year over year. The number of active listings reached 1,088 which is a 56.1% year over year increase equating to 5.8 months worth of supply. Home sales in Kamloops have substantially slowed but the market still is moving forward at a steady pace.

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