Vancouver, BC – October 12, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,977 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in September 2022, a decrease of 45.8% from September 2021. The average MLS® residential price in BC was $927,119, a 1.7% increase from $912,008 recorded in September 2021. Total sales dollar volume was $4.6 billion, a 44.9% decline from the same time last year.

“Mortgage qualifying continues to be a significant hurdle for many potential buyers as interest rates rise,” said BCREA Chief Economist Brendon Ogmundson. “In addition, many trends that drove demand in smaller markets, such as remote work and the quest for affordable space, have faded in prominence. As a result, we see a stronger pullback in markets outside of major metropolitan areas.”

Year-to-date, BC residential sales dollar volume was down 24.2% from the same period in 2021 to $68.5 billion. Residential unit sales were down 31.8% to 67,547 units, while the average MLS® residential price was up 11.3% to $1.01 million.

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BC Market Activity Remains Subdued in September by Brendon Ogmundson | Chief Economist | BCREA