Vancouver, BC – August 11, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,572 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in July 2022, a decrease of 42.4% from July 2021. The average MLS® residential price in BC was $923,449, a 3.6% increase from $891,376 recorded in July 2021. Total sales dollar volume was $5.1 billion, a 40.3% decline from the same time last year.

“High mortgage rates continued to lower sales activity in July,” said BCREA Chief Economist Brendon Ogmundson. “Many regions around the province have seen sales slip to levels well below normal for this time of year.”

As the pace of sales activity declines below normal levels, inventory is accumulating. Provincial active listings rose 28% year-over-year, though from a very low level in July 2021. Inventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers’ market territory.

Year-to-date, BC residential sales dollar volume was down 20% from the same period in 2021 to $58.7 billion. Residential unit sales were down 29.3% to 56,801 units, while the average MLS® residential price was up 13.2% to $1.03 million.

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BC Home Sales Continue to Slow in July by Brendon Ogmundson | Chief Economist | BCREA