{"id":19587,"date":"2022-03-14T11:11:00","date_gmt":"2022-03-14T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19587"},"modified":"2022-03-14T08:57:52","modified_gmt":"2022-03-14T15:57:52","slug":"bcrea-housing-market-conditions-extremely-tight","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/03\/bcrea-housing-market-conditions-extremely-tight\/","title":{"rendered":"BCREA Housing Market Conditions Extremely Tight"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 March 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in February 2022, a decrease of 18.8% from February 2021. The average MLS\u00ae residential price in BC was $1.109 million, a 24.9% increase from $887,866 recorded in February 2021. Total sales dollar volume was $9.9 billion, a 1.5% increase from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile sales are not keeping pace with the unprecedented level of activity we saw this time last year, demand continues to be quite strong,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cThere are some encouraging signs that listings are recovering from historical lows, but there is a very long way to go before markets achieve balance.\u201d<\/p>\n<p>Provincial active listings were 19% lower than this time last year with the total inventory of homes for sale in the province at just 16,000 units. That level of inventory is well below the roughly 40,000 listings needed for a balanced market.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-02.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/sales-activity-remains-strong-heading-into-spring\/\" target=\"_blank\" rel=\"noopener\">Sales Activity Remains Strong Heading Into Spring<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 March 14, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 8,902 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/03\/bcrea-housing-market-conditions-extremely-tight\/\">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-19587","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>BCREA Housing Market Conditions Extremely Tight &#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\/bcrea-housing-market-conditions-extremely-tight\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Market Conditions Extremely Tight &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 March 14, 2022. 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