{"id":21062,"date":"2022-12-14T10:10:00","date_gmt":"2022-12-14T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21062"},"modified":"2022-12-13T06:58:43","modified_gmt":"2022-12-13T14:58:43","slug":"bcrea-elevated-mortgage-rates-continue-to-constrain-home-sales-activity-home-prices-were-accelerating","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/12\/bcrea-elevated-mortgage-rates-continue-to-constrain-home-sales-activity-home-prices-were-accelerating\/","title":{"rendered":"BCREA Elevated Mortgage Rates Continue to Constrain Home Sales Activity, Home Prices were Accelerating"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in November 2022, a decrease of 50.8% from November 2021 and about 30% below a historical average November.<\/p>\n<p style=\"text-align: justify;\">The average MLS\u00ae residential price in BC was $906,785 an 8.6% decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55% decline from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cA lot has changed in 2022,\u201d said Brendon Ogmundson, Chief Economist. \u201cThis time last year, home sales were near a record for November, home prices were accelerating, and mortgage rates were less than half of current levels. Elevated mortgage rates will continue to constrain sales activity, though with the Bank of Canada nearing the end of its tightening cycle and benchmark bond yields falling, mortgage rate relief may be on the horizon.\u201d<\/p>\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 28.7% from the same period in 2021 to $77.4 billion. Residential unit sales were down 34.4% to 77,376 units, while the average MLS\u00ae residential price was up 8.6% to $1 million.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-11.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\/housing-market-activity-remains-slow-in-november\/\" target=\"_blank\" rel=\"noopener\">Housing Market Activity Remains Slow in November<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 December 13, 2022. The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/12\/bcrea-elevated-mortgage-rates-continue-to-constrain-home-sales-activity-home-prices-were-accelerating\/\">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-21062","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 Elevated Mortgage Rates Continue to Constrain Home Sales Activity, Home Prices were Accelerating &#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\/12\/bcrea-elevated-mortgage-rates-continue-to-constrain-home-sales-activity-home-prices-were-accelerating\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Elevated Mortgage Rates Continue to Constrain Home Sales Activity, Home Prices were Accelerating &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 December 13, 2022. 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