Vancouver, BC – April 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,118 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2023, a decrease of 38.3% from March 2022. The average MLS® residential price in BC was 961,451 down 11.6% compared to the average price of close to $1.1 million in March 2022, recorded near the market’s peak. The total sales dollar volume was $6.8 billion, representing a 45.5% decrease from the same time last year.

“The BC housing market is currently characterized by slow sales but also still very low levels of listings,” said BCREA Chief Economist Brendon Ogmundson. “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.”

Active listings in the province are up 25% compared to this time last year but have fallen for the second straight month in the wake of a modest recovery in home sales and continued weak new listings activity.

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BC Markets Showing Signs of Recovery As Supply Remains Scarce by Brendon Ogmundson | Chief Economist | BCREA