The British Columbia Real Estate Association (BCREA) reports that a total of 7,136 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in June 2022, a decrease of 35.7 per cent from June 2021. The average MLS® residential price in BC was $951,105, a 4.6 per cent increase from $909,657 recorded in June 2021. Total sales dollar volume was $6.8 billion, a 32.8 per cent decline from the same time last year.
“While a still growing economy and robust population growth point to strong demand, it is increasingly difficult to satisfy that demand at current interest rates,” said BCREA Chief Economist. “As a result, sales activity across the province, but especially in more expensive markets, continues to slow.”
For the second straight month, yearover-year provincial active listings rose, with listing in June 16.4 per cent higher than this time last year. While active listings remain below what is typical for a balanced market, some markets and housing types have tipped into balanced or even buyers’ market territory as sharply higher mortgage rates push potential buyers to the sidelines.
Year-to-date, BC residential sales dollar volume was down 17 per cent to $53.5 billion compared with the same period in 2021. Residential unit sales were down 27.6 per cent to 51,202 units, while the average MLS® residential price was up 14 per cent to $1.05 million.
As of June 2022, the Average Sale Price in Kelowna and the Okanagan was $784,569 up 10.1% from last year.
Active listings are now at 3,915, up 43.6% from this time last year, so there is definitely more choice for Buyers now.
Sales to active listings currently stand at 21.6%, which points to a more balanced market, but we are seeing prices on a downward trajectory, especially as there are one or two more motivated Sellers right now.