Spring is around the corner, and British Columbia’s housing market appears to be gearing up for the season.

In a market update released today, the British Columbia Real Estate Association (BCREA) stated that market demand continues to be strong heading into springtime.

In February, 8,902 residential unit sales were recorded over MLS, down 18.8% from the same month last year. Total sales dollar volume last month equalled $9.9 billion, a 1.5% increase year-over-year.

“While sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,” said BCREA’s chief economist, Brendon Ogmundson, in a news release. “There are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.”

Greater Vancouver reported the most homes sold, with 3,483 properties trading hands last month. However, sales in the region were down 9.6% compared to last year when 3,852 homes were bought and sold.

Fraser Valley and Okanagan reported the second- and third-highest quantity of sales for February 2022, with 1,752 and 944 homes sold during the month, down 34.9% and 21.5% annually.

New listings decline as home prices climb

Last month, the number of new listings coming online in British Columbia trended downward.

Province-wide, active listings were 19% lower compared to February 2021, with the total inventory of homes available for purchase at a little over 16,000 units, far lower than the 40,000 listings required for a balanced market, according to BCREA.

Greater Vancouver recorded the most active listings in February 2022 (7,062 units), followed by Fraser Valley (3,229 properties) and Okanagan (1,563 homes).

The average price of a home in BC hit $1.109 million in February, up 24.9% from February 2021 when the average property cost $887,866.

Prices grew the most in Powell River, climbing 37.9% over the year from $446,398 to $615,729. Notable price increases were also noted in Fraser Valley and Okanagan, where values soared 34.8% annually in both communities. South Peace reported a drop in prices from February 2021 to February 2022, falling 11.7% yearly to an average of $233,346.

BCREA : BC Market Demand Keeping Strong into Spring by Michelle McNally | Livabl