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Vancouver, BC – November 10, 2021. The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7% from October 2020. The average MLS® residential price in BC was $964,777, an 18.9% increase from $811,307 recorded in October 2020. Total sales dollar volume was $9.3 billion, a 2.6% decline from the same time last year.

“The story across the province continues to be the record low number of listings,” said BCREA Chief Economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand it will take quite some time for the inventory of homes to return to a healthy level.”

Total active residential listings were down nearly 40% year-over-year in October, falling to an all-time record low for the province. Active listings have now fallen for five consecutive months on a seasonally adjusted basis.

Year-to-date, BC residential sales dollar volume is up 69.7% to $99.6 billion compared to the same period in 2020. Residential unit sales were up 42.8% to 108,798 units, while the average MLS® residential price was up 18.8% to $915,833.

Click here for the complete news release, including detailed statistics.

BC Housing Market at Historically Low Level of Supply by Brendon Ogmundson | Chief Economist | BCREA