Vancouver, BC – November 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,242 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2022, a decrease of 45.5% from October 2021. The average MLS® residential price in BC was $932,979, a 3.1% decrease from $963,011 recorded in October 2021. Total sales dollar volume was $4.9 billion, a 47.2% decline from the same time last year.

“Sales activity remains slow across the province and inventories appear to be plateauing,” said BCREA Chief Economist Brendon Ogmundson. “While prices have fallen from peak levels reached in early 2022, average prices have recently leveled off.”

Year-to-date, BC residential sales dollar volume was down 26.3% from the same period in 2021 to $73.3 billion. Residential unit sales were down 33% to 72,824 units, while the average MLS® residential price was up 10% to $1.01 million.

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BC Home Sales Remain Slow While Active Listings Plateau by Brendon Ogmundson | Chief Economist | BCREA