{"id":19773,"date":"2022-04-25T10:10:00","date_gmt":"2022-04-25T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19773"},"modified":"2022-04-12T12:51:00","modified_gmt":"2022-04-12T19:51:00","slug":"greater-vancouver-recorded-the-most-home-sold-home-prices-continue-to-rise","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/04\/greater-vancouver-recorded-the-most-home-sold-home-prices-continue-to-rise\/","title":{"rendered":"Greater Vancouver Recorded The Most Home Sold, Home Prices Continue to Rise"},"content":{"rendered":"<p style=\"text-align: justify;\">Last month, upwards of 11,400 homes traded hands across British Columbia, but levels have fallen from the record highs set in March 2021.<\/p>\n<p style=\"text-align: justify;\">In a statistics release, the British Columbia Real Estate Association (BCREA) reported that 11,463 total properties were sold through the province\u2019s MLS system during March. This marks a 24.1% decrease from the same month last year when 15,096 homes were sold.<\/p>\n<p style=\"text-align: justify;\">Greater Vancouver recorded the most homes sold in March, with 4,405 properties trading hands. Home sales in Chilliwack reported the biggest year-over-year change as sales fell 41.1% from 672 to 396 transactions in a year.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales in the province continue to moderate from record highs of this time last year,\u201d said BCREA\u2019s chief economist, Brendon Ogmundson, in a press release. \u201cGiven the sharp rise in Canadian mortgage rates and expected tightening from the Bank of Canada, activity will likely slow further in the second half of this year.\u201d<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada is expected to announce its next policy rate decision on April 13th, which could heighten rates by 0.5%.<\/p>\n<p style=\"text-align: justify;\"><strong>Active listings fall as prices continue to rise<\/strong><\/p>\n<p style=\"text-align: justify;\">When it comes to home supply, provincial active listings were 12.4% lower in March compared to the same month in 2021, falling from 22,394 to 19,618 active listings in a year. The number of active listings increased the most in Powell River, growing 134% annually to 96 listings.<\/p>\n<p style=\"text-align: justify;\">However, the total inventory of homes available for sale in BC is now under 20,000 units, well below the 40,000 listings needed to foster a balanced housing market. The sales-to-active-listings percentage for B.C. decreased annually last month, falling from 67.4% in March 2021 to 58.4% in March 2022.<\/p>\n<p style=\"text-align: justify;\">The average home price reported over the BC MLS was $1.096 million last month, up 15.7% from $946,813 recorded in March 2021. Powell River reported the most price growth, where the average cost of a home climbed 40.6% from $522,450 to $734,454 over a year. All BC real estate boards reported an increase in average home prices last month with the exception of South Peace, where prices fell 22.4% yearly from $328,743 to $255,063.<\/p>\n<p style=\"text-align: justify;\">By total sales volume, $12.6 billion worth of real estate was exchanged last month, a 12.1% decline from the same period a year ago when $14.2 billion in sales was transacted.<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume has decreased 4.1% from $30 billion in March 2021 to $28.8 billion as of last month. Residential unit sales were down 20.1% year-to-date to 26,577 units as the average MLS residential price increased 20% to $1.086 million.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/04\/british-columbia-homes-sold-march-bcrea.html\" target=\"_blank\" rel=\"noopener\">BCREA : BC Reports Over 11,400 Homes Sold in March<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last month, upwards of 11,400 homes traded hands across British Columbia, but levels have fallen from the record highs set in March 2021. In a statistics release, the British Columbia &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/04\/greater-vancouver-recorded-the-most-home-sold-home-prices-continue-to-rise\/\">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-19773","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greater Vancouver Recorded The Most Home Sold, Home Prices Continue to Rise &#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\/04\/greater-vancouver-recorded-the-most-home-sold-home-prices-continue-to-rise\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Greater Vancouver Recorded The Most Home Sold, Home Prices Continue to Rise &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Last month, upwards of 11,400 homes traded hands across British Columbia, but levels have fallen from the record highs set in March 2021. 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