{"id":22924,"date":"2023-11-15T10:10:00","date_gmt":"2023-11-15T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22924"},"modified":"2023-11-15T08:49:45","modified_gmt":"2023-11-15T16:49:45","slug":"bcrea-housing-market-finding-balance-at-low-inventory","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/11\/bcrea-housing-market-finding-balance-at-low-inventory\/","title":{"rendered":"BCREA Housing Market Finding Balance at Low Inventory"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 November 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,373 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in October 2023, an increase of 1.8% from October 2022. The average MLS\u00ae residential price in BC was $968,786 up 4.1% compared to October 2022. The total sales dollar volume was $5.2 billion, representing a 6% increase from the same time last year. <\/p>\n<p style=\"text-align: justify;\">\u201cHome sales have slowed as expected given high borrowing costs and a punishing stress test,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cHowever, the inventory of homes for sale remains quite low, despite a modest uptick in new listings. Consequently, markets have found balance, though at a very low level of activity.\u201d <\/p>\n<p style=\"text-align: justify;\">On a seasonally adjusted basis, active listings in the province have increased for the fifth consecutive month, but still remain low by historical standards and fall short of what is typically required for a sustainable market balance in the long term. <\/p>\n<p style=\"text-align: justify;\">Year-to-date BC residential sales dollar volume was down 13.6% to $63.1 billion, compared with the same period in 2022. Residential unit sales were down 10.5% to 64,936 units, while the average MLS\u00ae residential price was down 3.4% to $971,802.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-10.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p><a href=\"_wp_link_placeholder\" data-wplink-edit=\"true\">BC Markets Finding Balance at Low Levels of Activity<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 November 14, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,373 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/11\/bcrea-housing-market-finding-balance-at-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-22924","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 Housing Market Finding Balance at 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\/11\/bcrea-housing-market-finding-balance-at-low-inventory\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA Housing Market Finding Balance at Low Inventory &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 November 14, 2023. 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