Vancouver, BC – October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in September 2023, an increase of 10.4% from September 2022. The average MLS® residential price in BC was $966,530 up 4.8% compared to September 2022. The total sales dollar volume was $5.3 billion, representing a 15.7% increase from the same time last year.

“Home sales in BC have clearly been impacted by the Bank of Canada’s recent tightening of interest rates, along with the resulting surge in mortgage rates,” said BCREA Chief Economist Brendon Ogmundson. “Home sales are once again trending at below average levels as potential buyers struggle with a high cost of borrowing.”

Active listings in the province were up slightly month-over-month at just over 33,000 total listings and were 8.1% higher year-over-year.

Year-to-date BC residential sales dollar volume was down 15% to $57.9 billion, compared with the same period in 2022. Residential unit sales were down 11.5% to 59,570 units, while the average MLS® residential price was down 4% to $972,049.

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Renewed Bank of Canada Tightening Slows Sales Activity by Brendon Ogmundson | Chief Economist | BCREA