{"id":22143,"date":"2023-07-06T10:10:00","date_gmt":"2023-07-06T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22143"},"modified":"2023-06-14T13:03:16","modified_gmt":"2023-06-14T20:03:16","slug":"bc-housing-market-heats-up-ahead-of-schedule","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/07\/bc-housing-market-heats-up-ahead-of-schedule\/","title":{"rendered":"BC Housing Market Heats Up Ahead of Schedule"},"content":{"rendered":"<p style=\"text-align: justify;\">According to a new report by the British Columbia Real Estate Association (BCREA), BC\u2019s historically hot spring market is heating up again this year. <\/p>\n<p style=\"text-align: justify;\">Home sales and prices in British Columbia shot back up in May after a slowdown that started towards the end of last year. The BCREA recorded a total of 9,191 residential unit sales in May 2023, up 9.9% from the same time last year. <\/p>\n<p style=\"text-align: justify;\">\u201cHome sales in May were surprisingly strong,\u201d Brendon Ogmondson, BCREA Chief Economist said. \u201cNormally we\u2019d expect to see a more persistent, negative impact from the last year of rising interest rates on sales. Instead, sales staged an early recovery in the spring, returning to a normal pace of sales well ahead of schedule.\u201d <\/p>\n<p style=\"text-align: justify;\">Home prices in the province have also begun to climb again, reaching over $1 million for the first time since April 2022. <\/p>\n<p style=\"text-align: justify;\">Naturally, the largest and most desirable regions in the province also boast the highest home prices \u2013 with homes in Greater Vancouver, Victoria and the Fraser Valley reaching well over the benchmark price of $1 million.<\/p>\n<p style=\"text-align: justify;\">Prospective buyers looking for more affordable homes might have better luck looking in the Interior and Northern regions of the province. According to BCREA data, South Peace and BC Northern had the lowest home prices at $309,359 and $418,776 respectively.<\/p>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1022\" height=\"581\" src=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2023\/06\/livabl.jpg\" alt=\"\" class=\"wp-image-22144\" srcset=\"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2023\/06\/livabl.jpg 1022w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2023\/06\/livabl-288x164.jpg 288w, https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2023\/06\/livabl-768x437.jpg 768w\" sizes=\"auto, (max-width: 1022px) 100vw, 1022px\" \/><\/figure>\n<\/div>\n\n<p style=\"text-align: justify;\">Year-to-date, BC residential sales dollar volume was down 33.9% to $30.8 billion compared with the same period in 2022.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/articles\/news\/bcrea-british-columbias-spring-market-heats-back-up-ahead-of-schedule\" target=\"_blank\" rel=\"noopener\">BCREA : British Columbia&#8217;s Spring Market Heats Back Up Ahead of Schedule<\/a> by Cassie Apperloo | Livabl<\/p>","protected":false},"excerpt":{"rendered":"<p>According to a new report by the British Columbia Real Estate Association (BCREA), BC\u2019s historically hot spring market is heating up again this year. Home sales and prices in British &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/07\/bc-housing-market-heats-up-ahead-of-schedule\/\">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-22143","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 Heats Up Ahead of Schedule &#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\/07\/bc-housing-market-heats-up-ahead-of-schedule\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Market Heats Up Ahead of Schedule &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"According to a new report by the British Columbia Real Estate Association (BCREA), BC\u2019s historically hot spring market is heating up again this year. 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