{"id":21912,"date":"2023-05-15T10:10:00","date_gmt":"2023-05-15T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21912"},"modified":"2023-05-14T09:16:43","modified_gmt":"2023-05-14T16:16:43","slug":"bcrea-tighter-housing-market-conditions-due-to-low-inventory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/05\/bcrea-tighter-housing-market-conditions-due-to-low-inventory\/","title":{"rendered":"BCREA Tighter Housing Market Conditions Caused by Low Inventory"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 May 11, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in April 2023, a decrease of 17.7% from April 2022. The average MLS\u00ae residential price in BC was 995,506 down 5.6% compared to the average price of close to $1.1 million in April 2022. The total sales dollar volume was $7.4 billion, representing a 22.5% decrease from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cBC home sales have now risen for three consecutive months, but that recovery in sales has not been matched by listings which continue to fall well below normal levels,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cAs a result, average prices across the province are once again rising, recovering much of the decline since prices peaked early last year.\u201d<\/p>\n<p style=\"text-align: justify;\">Average home prices, while still down year-over-year, are rising on a monthly basis in most markets. The average price in BC has now risen for three consecutive months and is up over 9% since the start of 2023.<br \/>\nYear-to-date, BC residential sales dollar volume was down 44.1% to $21.4 billion, compared with the same period in 2022. Residential unit sales were down 37.1% to 22,417 units, while the average MLS\u00ae residential price was down 11.2% to $954,984.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-04.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\/lack-of-inventory-creating-tighter-market-conditions-across-bc\/\" target=\"_blank\" rel=\"noopener\">Lack of Inventory Creating Tighter Market Conditions Across BC<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 May 11, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 7,427 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/bcrea-tighter-housing-market-conditions-due-to-low-inventory\/\">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-21912","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 Tighter Housing Market Conditions Caused by Low Inventory &#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\/05\/bcrea-tighter-housing-market-conditions-due-to-low-inventory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Tighter Housing Market Conditions Caused by Low Inventory &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 May 11, 2023. 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