{"id":21190,"date":"2023-01-16T10:10:00","date_gmt":"2023-01-16T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21190"},"modified":"2023-01-16T10:18:20","modified_gmt":"2023-01-16T18:18:20","slug":"bcrea-interest-rate-tightening-ultimately-precipitated-a-dramatic-shift-in-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/01\/bcrea-interest-rate-tightening-ultimately-precipitated-a-dramatic-shift-in-housing-market\/","title":{"rendered":"BCREA Interest Rate Tightening Ultimately Precipitated A Dramatic Shift in Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 January 12, 2023. The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in 2022, a 35.2% decline from a record 124,788 units sold in 2021. The annual average MLS\u00ae residential price in BC was $996,878, a 7.5% increase from $927,513 recorded the previous year. Total sales dollar volume was $80.6 billion, a 30.3% decline from 2021.<\/p>\n<p style=\"text-align: justify;\">&#8220;2022 could not match last year&#8217;s record pace,&#8221; said Brendon Ogmundson, Chief Economist. &#8220;While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market.&#8221;<\/p>\n<p style=\"text-align: justify;\">A total of 3,490 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in December 2022, a decrease of 49.4% from December 2021. The average MLS\u00ae residential price in BC was $911,753 an 11.5% decrease from $1.03 million recorded in December 2021. Total sales dollar volume was $3.2 billion, a 55.2% decline from the same time last year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2022-12.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/home-sales-decline-in-2022-after-a-record-2021\/\" target=\"_blank\" rel=\"noopener\">Home Sales Decline in 2022 After A Record 2021<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 January 12, 2023. The British Columbia Real Estate Association (BCREA) reports that 80,874 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in 2022, a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/01\/bcrea-interest-rate-tightening-ultimately-precipitated-a-dramatic-shift-in-housing-market\/\">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-21190","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>BCREA Interest Rate Tightening Ultimately Precipitated A Dramatic Shift in Housing Market &#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\/2023\/01\/bcrea-interest-rate-tightening-ultimately-precipitated-a-dramatic-shift-in-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Interest Rate Tightening Ultimately Precipitated A Dramatic Shift in Housing Market &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 January 12, 2023. 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