{"id":19490,"date":"2022-03-08T10:10:00","date_gmt":"2022-03-08T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19490"},"modified":"2022-02-22T14:36:12","modified_gmt":"2022-02-22T22:36:12","slug":"bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\/","title":{"rendered":"BC Total Active Listings Remain Near Record Lows, Home Price Has Increased 23.5% Y\/Y"},"content":{"rendered":"<p style=\"text-align: justify;\">The average home price in British Columbia has increased 23.5% in the past year to top $1 million for the first time, according to the BC Real Estate Association (BCREA), despite total sales in January falling nearly 15% from a year earlier.<\/p>\n<p style=\"text-align: justify;\">To put this in perspective, the average BC composite home price is more than $685,000 higher than the average in the other three western provinces and more than $500,000 more expensive than in Quebec, the third-most expensive market in the country.<\/p>\n<p style=\"text-align: justify;\">Only Ontario, with an average home price of $998,000 comes close to BC, according to the Canadian Real Estate Association\u2019s national price map, which was released on February 15.<\/p>\n<p style=\"text-align: justify;\">The BCREA reports that a total of 6,138 residential unit sales were recorded by the Multiple Listing Service in January 2022, a decrease of 14.7% from January 2021.<\/p>\n<p style=\"text-align: justify;\">The average residential price in BC was $1,042,169, a 23.5% increase from $843,918 recorded in January 2021. Total sales dollar volume was $6.4 billion, a 5.3% increase from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cSales activity is down compared to record levels at the start of last year,\u201d said BCREA chief economist Brendon 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 healthy balance in the B.C. market.\u201d<\/p>\n<p style=\"text-align: justify;\">Total active listings remain near record lows, with just 13,000 total listings in the province. For context, a healthy level of resale listings for the province is closer to 40,000.<\/p>\n<p style=\"text-align: justify;\">\u201cAs a result of this listings drought, markets all over the province are seeing significant upward pressure on price,\u201d according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">BC\u2019s lowest average home price is in South Peace River ($295,000) and northern BC. ($378,242).<\/p>\n<p style=\"text-align: justify;\">Highest average prices are in Greater Vancouver and the Fraser Valley, both in excess of $1.2 million, and Greater Victoria at an average composite home price of $995,055 in January.<\/p>\n<p style=\"text-align: justify;\">In the BC Interior, where prices have increased 24.1% over the past 12 months, the average home sells for $785,134, slightly above Canada\u2019s national average price of $748,349.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/02\/bc-home-price-685000-higher-any-other-western-province\" target=\"_blank\" rel=\"noopener\">BC Home Price $685,000 Higher Than Any Other Western Province<\/a> by Western Investor | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average home price in British Columbia has increased 23.5% in the past year to top $1 million for the first time, according to the BC Real Estate Association (BCREA), &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\/\">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-19490","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Total Active Listings Remain Near Record Lows, Home Price Has Increased 23.5% Y\/Y &#8226; 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\/03\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Total Active Listings Remain Near Record Lows, Home Price Has Increased 23.5% Y\/Y &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The average home price in British Columbia has increased 23.5% in the past year to top $1 million for the first time, according to the BC Real Estate Association (BCREA), &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Total Active Listings Remain Near Record Lows, Home Price Has Increased 23.5% Y\\\/Y\",\"datePublished\":\"2022-03-08T18:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/\"},\"wordCount\":361,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/03\\\/bc-total-active-listings-remain-near-record-lows-home-price-has-increased-23-5-y-y\\\/\",\"name\":\"BC Total Active Listings Remain Near Record Lows, Home Price Has Increased 23.5% Y\\\/Y &#8226; 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