Category: B.C. Real Estate News

Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year.

“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

Year-to-date, BC residential sales dollar volume was down 28.7 per cent from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4 per cent to 77,376 units, while the average MLS® residential price was up 8.6 per cent to $1 million.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

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The BC Real Estate Association released it’s latest housing market update for November 2022 where they discuss the October 2022 statistics. In BC the housing activity increased slightly in October versus Sepember but is still slow by historical standards. The number of sales are down 45.5% year over year and this is about 30% lower than what is considered normal for this time of year. The number of active listings were up 51.9% compared to the near-record low inventory levels from last year. Even though we have seen an increase in active listings, they have been flat for the last 3 months. The market right now for the province is in balanced territory – it is not a sellers nor a buyer’s market. BCREA also states that this is not the case for all regions or even the housing types, where the market is more in the Buyer’s market range. The MLS average price for BC was down 3.1% for October. Average prices have come down significantly since the peak levels reached in February of 2022. Most markets in BC have seen price levels flatten for the last few months. The Home Price Composite index which is not suceptable to being influenced by the composite of sale types shows that home prices are down from the peak levels but still remain higher than this time last year. The HPI for the interior is up 6.1% for September and 3.2% for October.

For Kamloops there were 168 unit sales in the month of October which is a 46.9% decrease from this time last year. The average price is $592,617 which is a 3.9% year over year change. Kamloops had a 57.5% increase in active listings with 937 units on the market. That equates to 5.6 months worth of sales. The Kamloops market has definitely shifted towards more of a buyer’s market however we do see small pockets in the market were we are experiencing higher demand and at times multiple offers.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.

Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5 per cent from October 2021. The average MLS® residential price in BC was $932,979, a 3.1 per cent decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2 per cent decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3 per cent from the same period in 2021 to $73.3 billion. Residential unit sales were down 33 per cent to 72,824 units, while the average MLS® residential price was up 10 per cent to $1.01 million.

Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.

If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.

To search for Kamloops real estate and homes for sale click here.