Vancouver, BC – June 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 9,191 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in May 2023, an increase of 9.9% from May 2022. The average MLS® residential price in BC was $1.02 million up 3% compared to May 2022. The total sales dollar volume was $9.4 billion, representing a 13.2% increase from the same time last year.

“Home sales in May were surprisingly strong,” said BCREA Chief Economist Brendon Ogmundson. “Normally we’d expect to see a more persistent, negative impact from the last year of rising interest rates on sales. Instead sales staged an early recovery in the spring returning to a normal pace of sales well ahead of schedule.”

The average home price in BC has now recovered much of the decline over the past year and is now back over $1 million for the first time since April 2022.

Year-to-date, BC residential sales dollar volume was down 33.9% to $30.8 billion, compared with the same period in 2022. Residential unit sales were down 28.1% to 31,631 units, while the average MLS® residential price was down 8.2% to $973,085.

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Strong Rebound for BC Home Sales in May by Brendon Ogmundson | Chief Economist | BCREA