Vancouver, BC – June 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,214 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May 2022, a decrease of 35.1% from May 2021. The average MLS® residential price in BC was $1 million, a 9.3% increase from $915,392 recorded in May 2021. Total sales dollar volume was $8.2 billion, a 29.1% decline from the same time last year.

“Canadian mortgage rates continue to climb,” said BCREA Chief Economist Brendon Ogmundson. “The average 5-year fixed mortgage rate reached 4.49% in June. That is the highest mortgage rates have been since 2009.”

Provincial active listings were 4.4 per cent higher than this time last year, the first year-over-year increase in active listings since 2019. However, active listings still remain below what is typical for a balanced market, though current market conditions have a high degree of variation across regions and product types.

Year-to-date, BC residential sales dollar volume was down 14.5% to $46.7 billion, compared with the same period in 2021.

Residential unit sales were down 26.3% to 43,921 units, while the average MLS® residential price was up 16% to $1.06 million.

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Rising Mortgage Rates Continue to Slow Market Activity by Brendon Ogmundson | Chief Economist | BCREA