Vancouver, BC – May 11, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in April 2023, a decrease of 17.7% from April 2022. The average MLS® residential price in BC was 995,506 down 5.6% compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5% decrease from the same time last year.

“BC home sales have now risen for three consecutive months, but that recovery in sales has not been matched by listings which continue to fall well below normal levels,” said BCREA Chief Economist Brendon Ogmundson. “As a result, average prices across the province are once again rising, recovering much of the decline since prices peaked early last year.”

Average home prices, while still down year-over-year, are rising on a monthly basis in most markets. The average price in BC has now risen for three consecutive months and is up over 9% since the start of 2023.
Year-to-date, BC residential sales dollar volume was down 44.1% to $21.4 billion, compared with the same period in 2022. Residential unit sales were down 37.1% to 22,417 units, while the average MLS® residential price was down 11.2% to $954,984.

Click here for the complete news release, including detailed statistics.

Lack of Inventory Creating Tighter Market Conditions Across BC by Brendon Ogmundson | Chief Economist | BCREA