{"id":21502,"date":"2023-03-13T10:10:00","date_gmt":"2023-03-13T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21502"},"modified":"2023-03-13T09:29:12","modified_gmt":"2023-03-13T16:29:12","slug":"bcrea-signs-the-housing-market-is-balancing-out-average-home-price-was-up-8-5-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/bcrea-signs-the-housing-market-is-balancing-out-average-home-price-was-up-8-5-m-m\/","title":{"rendered":"BCREA Signs The Housing Market is Balancing Out, Average Home Price was Up 8.5% M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 March 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in February 2023, a decrease of 46.5% from February 2022. The average MLS\u00ae residential price in BC in 2023 was 941,575, down 14.7% compared to the average price of over $1.1 million in February 2022, recorded at the market&#8217;s peak. The total sales dollar volume was $4.5 billion, representing a 54.4% decrease from the same time in the previous year.<\/p>\n<p style=\"text-align: justify;\">\u201cWhile activity across provincial housing markets remains well below normal,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cThere are encouraging signs that the market is balancing out. Home sales rose month-over-month in most markets, and prices appear to be firming up in the face of low supply.\u201d<\/p>\n<p style=\"text-align: justify;\">Worth mentioning, the provincial MLS\u00ae average price was up 8.5% month-over-month to its highest level since July 2022, partially due to a more stable market but also because of the composition of sales reverting to a more normal mix following low sales of single detached homes through the Lower Mainland in January.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-02.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\/provincial-housing-market-showing-signs-of-recovery-heading-into-spring\/\" target=\"_blank\" rel=\"noopener\">Provincial Housing Market Showing Signs of Recovery Heading into Spring<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 March 13, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 4,775 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/bcrea-signs-the-housing-market-is-balancing-out-average-home-price-was-up-8-5-m-m\/\">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-21502","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 Signs The Housing Market is Balancing Out, Average Home Price was Up 8.5% M\/M &#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\/03\/bcrea-signs-the-housing-market-is-balancing-out-average-home-price-was-up-8-5-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Signs The Housing Market is Balancing Out, Average Home Price was Up 8.5% M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 March 13, 2023. 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