{"id":23217,"date":"2024-01-15T10:10:00","date_gmt":"2024-01-15T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23217"},"modified":"2024-01-15T09:14:37","modified_gmt":"2024-01-15T17:14:37","slug":"bcrea-the-highest-mortgage-rates-in-over-15-years-led-to-the-slowest-sales-in-a-decade","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/01\/bcrea-the-highest-mortgage-rates-in-over-15-years-led-to-the-slowest-sales-in-a-decade\/","title":{"rendered":"BCREA The Highest Mortgage Rates in Over 15 Years Led to The Slowest Sales in A Decade"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 January 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 73,109 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in 2023, a 9.2% decline from 80,506 units sold in 2022. The annual average MLS\u00ae residential price in BC was $971,144, a 2.6% decrease from $996,943 recorded the previous year. Total sales dollar volume was $71 billion, an 11.5% decline from 2022.<\/p>\n<p style=\"text-align: justify;\">\u201cThe highest mortgage rates in over 15 years led to the slowest sales in a decade for BC,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cWith mortgage rates falling to start the year and the potential for Bank of Canada rate cuts on the horizon, the outlook for 2024 appears much brighter.\u201d<\/p>\n<p style=\"text-align: justify;\">A total of 3,596 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in December 2023, an increase of 2.6% from December 2022. The average MLS\u00ae residential price in BC was $965,447 a 6.5% increase from $906,356 recorded in December 2022. Total sales dollar volume was $3.5 billion, a 9.3% increase from the same time last year.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-12.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\/the-2023-housing-market-was-defined-by-high-rates-and-slow-sales\/\" target=\"_blank\" rel=\"noopener\">The 2023 Housing Market was Defined by High Rates and Slow Sales<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 January 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 73,109 residential unit sales were recorded by the Multiple Listing Service\u00ae (MLS\u00ae) in 2023, a &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/01\/bcrea-the-highest-mortgage-rates-in-over-15-years-led-to-the-slowest-sales-in-a-decade\/\">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":[8,13],"tags":[],"class_list":["post-23217","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA The Highest Mortgage Rates in Over 15 Years Led to The Slowest Sales in A Decade &#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\/2024\/01\/bcrea-the-highest-mortgage-rates-in-over-15-years-led-to-the-slowest-sales-in-a-decade\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA The Highest Mortgage Rates in Over 15 Years Led to The Slowest Sales in A Decade &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 January 15, 2024. 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