Vancouver, BC – December 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,630 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in November 2023, an increase of 2.2% from November 2022. The average MLS® residential price in BC was $964,246 up 6.6% compared to November 2022. The total sales dollar volume was $4.5 billion, representing an 8.9% increase from last year.

“Despite high mortgage rates and generally weak sales, home prices across the province have been remarkably resilient in 2023,” said BCREA Chief Economist Brendon Ogmundson. “Low inventory has meant that prices hold firm even at the much-reduced levels of sales activity experienced this year.”

On a seasonally adjusted basis, active listings in the province have increased for the sixth consecutive month and are now back to their highest level since August 2020.

Year-to-date BC residential sales dollar volume was down 12.4% to $67.5 billion, compared with the same period in 2022. Residential unit sales were down 9.8% to 69,551 units, while the average MLS® residential price was down 2.9% to $971,069.

Click here to view the complete news release, including detailed statistics.

Softening Home Sales But Prices Remain Firm Across BC by Brendon Ogmundson | Chief Economist | BCREA