Vancouver, BC – December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8% from November 2021 and about 30% below a historical average November.

The average MLS® residential price in BC was $906,785 an 8.6% decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55% decline from the same time last year.

“A lot has changed in 2022,” said Brendon Ogmundson, Chief Economist. “This time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.”

Year-to-date, BC residential sales dollar volume was down 28.7% from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4% to 77,376 units, while the average MLS® residential price was up 8.6% to $1 million.

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Housing Market Activity Remains Slow in November by Brendon Ogmundson | Chief Economist | BCREA