Vancouver, BC – September 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 5,645 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August 2022, a decrease of 40.8% from August 2021. The average MLS® residential price in BC was $918,378, a 2.1% increase from $899,428 recorded in August 2021. Total sales dollar volume was $5.2 billion, a 39.6% decline from the same time last year.

Housing activity across the province remains well below normal but is showing signs of stabilizing,” said BCREA Chief Economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”

Year-to-date, BC residential sales dollar volume was down 22.1% from the same period in 2021 to $63.8 billion. Residential unit sales were down 30.5% to 62,502 units, while the average MLS® residential price was up 12% to $1.02 million.

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BC Housing Market Showing Signs of Stabilizing Despite Decreased Activity by Brendon Ogmundson | Chief Economist | BCREA