{"id":21348,"date":"2023-02-21T10:10:00","date_gmt":"2023-02-21T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21348"},"modified":"2023-02-14T09:05:47","modified_gmt":"2023-02-14T17:05:47","slug":"bcrea-housing-market-activity-off-to-a-slow-start","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/02\/bcrea-housing-market-activity-off-to-a-slow-start\/","title":{"rendered":"BCREA Housing Market Activity Off to A Slow Start"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 February 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in January 2023, a decrease of 50.3% from January 2022. The average MLS\u00ae residential price in BC in 2023 has seen a dip to $872,934, down 16.1% compared to the average price of over $1 million in January 2022, which was recorded near the peak of the market. The total sales dollar volume was $2.7 billion, representing a 58.3% decrease from the same time in the previous year.<\/p>\n<p style=\"text-align: justify;\">\u201cProvincial sales are off to a slow start in 2023 as activity continues to be weighed down by high borrowing costs,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cWhile average prices have flattened out in many markets over the past few months, year-over-year measures reflect the decline that occurred from the peak in 2022, as well as a marked shift in the composition of sales away from more expensive homes.\u201d<\/p>\n<p style=\"text-align: justify;\">The total number of active listings has significantly increased compared to the record low level recorded at the start of 2022. However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-01.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-off-to-a-slow-start-in-2023\/\" target=\"_blank\" rel=\"noopener\">Housing Market Activity Off to A Slow Start in 2023<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 February 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 3,047 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/02\/bcrea-housing-market-activity-off-to-a-slow-start\/\">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-21348","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA Housing Market Activity Off to A Slow Start &#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\/02\/bcrea-housing-market-activity-off-to-a-slow-start\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Market Activity Off to A Slow Start &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 February 14, 2023. 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