Vancouver, BC – May 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in April 2022, a decrease of 34.9% from a record April 2021. The average MLS® residential price in BC was $1.065 million, a 12.9% increase from $943,765 recorded in April 2021. Total sales dollar volume was $9.5 billion, a 26.5% decline from the same time last year.

“Canadian mortgages have sharply increased, surpassing 4% for the first time in a decade,” said BCREA Chief Economist Brendon Ogmundson. “With interest rates rising, demand across BC is now on a path to normalizing. However, given existing levels of supply, markets conditions remain tight.”

Provincial active listings were 7.5% lower than this time last year, though listings are starting to accumulate in some markets as demand fades. However, it will likely take a year or more for the supply of listings to return to balanced market levels.

Year-to-date, BC residential sales dollar volume was down 10.7 per cent to $38.4 billion, compared with the same period in 2021. Residential unit sales were down 24.2% to 35,618 units, while the average MLS® residential price was up 17.8% to $1.078 million.

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BC Home Sales Trending Toward Normal Activity by Brendon Ogmundson | Chief Economist | BCREA