The average home price in BC went up for the second consecutive month as the province continues to navigate a market with low supply, according to the BC Real Estate Association’s (BCREA) latest data.

Residential unit sales recorded on Multiple Listing Service (MLS) decreased by 38.3% across BC between March 2022 and March 2023, totalling 7,118 units.

In Greater Vancouver, sales decreased by 42.5%t annually to 2,535 units.

“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” BCREA chief economist Brendon Ogmundson said in a statement.

Though active listings in the province are up 25% compared with the same period last year, March is the second straight month they have fallen “in the wake of a modest recovery in home sales and continued weak new listings activity,” according to the BCREA’s release.

“Consequently, even though home sales remain about 20% below normal levels for this time of year, the average home price in BC has now risen two months in a row, reaching its highest level since May 2022 as markets tighten due to a lack of supply,” said Ogmundson.

The average residential price across BC rose by 2.2% between February and March 2023, according to Ogmundson.

The average residential price seen on MLS decreased by 12.6% to $961,451, compared with the average price of $1.1 million in March of last year. The total sales dollar volume decreased by 45.5% to $6.8 billion within the same time period.

Average residential prices in Greater Vancouver decreased 5.1% to $1,269,589 between March 20222 and March 2023.

The Fraser Valley posted to biggest decrease in average price – 19.9%.

BCREA : Housing Stock Remains in Short Supply Across Province by Claire Wilson | BIV