{"id":21509,"date":"2023-03-15T10:10:00","date_gmt":"2023-03-15T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21509"},"modified":"2023-03-13T13:45:52","modified_gmt":"2023-03-13T20:45:52","slug":"bc-housing-market-has-switched-gears-after-period-of-low-activity","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/03\/bc-housing-market-has-switched-gears-after-period-of-low-activity\/","title":{"rendered":"BC Housing Market Has Switched Gears After Period of Low Activity"},"content":{"rendered":"<p style=\"text-align: justify;\">The province\u2019s housing market is said to be showing signs of recovery heading into the spring season, according to the BC Real Estate Association\u2019s (BCREA) latest market report.<\/p>\n<p style=\"text-align: justify;\">With activity in the province remaining low, spring will be \u201ctest\u201d as to whether or not the market is shifting gears, said Brendon Ogmundson, chief economist with the BCREA.<\/p>\n<p style=\"text-align: justify;\">\u201cThe market is starting to stabilize but at very low levels of listings and sales. Which isn&#8217;t really what we would prefer to see, but it is starting to stabilize,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">A total of 4,775 residential unit sales were recorded in February, representing a 46.5% decrease compared to the same month a year earlier, according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">Sales rose by 6%, seasonally adjusted, from January 2023, according to Ogmundson. He added that it is normal to see an increase in total sales between these two months.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales rose month-over-month in most markets and prices appear to be firming up in the face of low supply,\u201d Ogmundson wrote in the report.<\/p>\n<p style=\"text-align: justify;\">The average residential price in the province was $941,575 in February 2023, a 14.7% decrease from the same time last year.<\/p>\n<p style=\"text-align: justify;\">The report said the average Multiple Listing Service (MLS) price was slightly higher in February, up 8.5% month over month to \u201cits highest level since July 2022.\u201d<\/p>\n<p style=\"text-align: justify;\">This is due to a more stable market as well as sales going back to a normal mix after the province saw a decrease in the number of single-detached home sales, according to the BCREA.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we&#8217;d like to see at the beginning of a recovery is prices coming up a couple months in a row, plus sales starting to rise from low levels as well. So we&#8217;re not there yet,\u201d said Ogmundson. \u201cI&#8217;m encouraged by what I saw in February, but we need a lot more data in the next few months to really say that we&#8217;re in our recovery.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/03\/west-coast-housing-market-shows-encouraging-signs-headed-spring-bcrea\" target=\"_blank\" rel=\"noopener\">BCREA : West Coast Housing Market Shows Encouraging Signs Headed Into Spring<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The province\u2019s housing market is said to be showing signs of recovery heading into the spring season, according to the BC Real Estate Association\u2019s (BCREA) latest market report. With activity &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/03\/bc-housing-market-has-switched-gears-after-period-of-low-activity\/\">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-21509","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>BC Housing Market Has Switched Gears After Period of Low Activity &#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\/bc-housing-market-has-switched-gears-after-period-of-low-activity\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Market Has Switched Gears After Period of Low Activity &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The province\u2019s housing market is said to be showing signs of recovery heading into the spring season, according to the BC Real Estate Association\u2019s (BCREA) latest market report. With activity &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"BC Housing Market Has Switched Gears After Period of Low Activity\",\"datePublished\":\"2023-03-15T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/\"},\"wordCount\":343,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2023\\\/03\\\/bc-housing-market-has-switched-gears-after-period-of-low-activity\\\/\",\"name\":\"BC Housing Market Has Switched Gears After Period of Low Activity &#8226; 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