{"id":19445,"date":"2022-02-28T10:10:00","date_gmt":"2022-02-28T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19445"},"modified":"2022-02-27T09:40:35","modified_gmt":"2022-02-27T17:40:35","slug":"bc-average-residential-price-up-23-5-y-y-forecasts-to-increase-8-5-in-2022","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/02\/bc-average-residential-price-up-23-5-y-y-forecasts-to-increase-8-5-in-2022\/","title":{"rendered":"BC Average Residential Price Up 23.5% Y\/Y, Forecasts to Increase 8.5% in 2022"},"content":{"rendered":"

Insatiable demand and record-setting sales have pushed British Columbia home prices up nearly 25% from this point last year.<\/p>\n

The British Columbia Real Estate Association (BCREA) reports the province\u2019s average residential price reached $1,042,169 in January, a 23.5% increase from $843,918 recorded in January 2021.<\/p>\n

Population growth and surging demand contributed to significant price gains in the Chilliwack (43.5%) and Fraser Valley (30.2%) regions during the last year, reaching average prices of $907,385 and $1,230,631, respectively.<\/p>\n

Further west, Vancouver Island saw prices rise 34.2% year-over-year to an average of $709,798, with nearby Powell River close behind at 29.9% ($600,868).<\/p>\n

According to the BCREA, Greater Vancouver remained the most expensive region in the province with an average price of $1,274,315 \u2014 up 17% year-over-year \u2014 followed by the Fraser Valley.<\/p>\n

\u201cThe BC housing market entered 2022 with the lowest level of active listings on record and significant demand-side momentum,\u201d said BCREA chief economist Brendon Ogmundson, noting approximately 13,000 total active listings across the province, less than one-third of historically healthy inventory levels. \u201cAs a result, continued upward pressure on home prices is expected in all markets.\u201d<\/p>\n

The BCREA forecasts home prices to increase 8.5% in 2022, with more balanced market conditions reducing price growth during the second half of the year. Additional inventory and reduced sales are expected to slow price growth to 2.7% in 2023.<\/p>\n

BC\u2019s updated price figures arrive amid a slowdown in home sales. Province-wide, the BCREA recorded 6,138 residential unit sales through its Multiple Listing Service in January, a 14.7% drop from January 2021, although rising home prices boosted the total sales dollar volume to $6.4 billion, representing a 5.3% increase.<\/p>\n

\u201cSales activity is down compared to record levels at the start of last year,\u201d said Ogmundson. \u201cHowever, the level of sales activity remains strong compared to the long-term average and inventory is still incredibly low. As a result, it will take quite some time to get back to a healthy balance in the BC market.\u201d<\/p>\n

Tight BC Housing Market Sees Prices Jump Nearly 25% Year-Over-Year<\/a> by Ryan Garner | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Insatiable demand and record-setting sales have pushed British Columbia home prices up nearly 25% from this point last year. The British Columbia Real Estate Association (BCREA) reports the province\u2019s average … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19445","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nBC Average Residential Price Up 23.5% Y\/Y, Forecasts to Increase 8.5% in 2022 • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/02\/bc-average-residential-price-up-23-5-y-y-forecasts-to-increase-8-5-in-2022\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Average Residential Price Up 23.5% Y\/Y, Forecasts to Increase 8.5% in 2022 • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Insatiable demand and record-setting sales have pushed British Columbia home prices up nearly 25% from this point last year. 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