The British Columbia Real Estate Association (BCREA) reports that a total 9,593 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October 2021, a decrease of 13.7 per cent from October 2020. The average MLS® residential price in BC was $964,777, an 18.9 per cent increase from $811,307 recorded in October 2020. Total sales dollar volume was $9.3 billion, a 2.6 per cent decline from the same time last year.
“The story across the province continues to be the record low number of listings,” said BCREA Chief Economist Brendon Ogmundson. “Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand it will take quite some time for the inventory of homes to return to a healthy level.”
Total active residential listings were down nearly 40 per cent year-over-year in October, falling to an all-time record low for the province. Active listings have now fallen for five consecutive months on a seasonally adjusted basis.
Year-to-date, BC residential sales dollar volume is up 69.7 per cent to $99.6 billion compared to the same period in 2020. Residential unit sales were up 42.8 per cent to 108,798 units, while the average MLS® residential price was up 18.8 per cent to $915,833.
When looking at our own Interior Region, the Average Residential Price, in October 2021, was $757,661 compared to $630,515 in 2020, representing a 20.2% increase since last year.
Our active listings in October 2021 were 2,261 compared to 3,765 in 2020, a reduction of 39.9%.
The hottest markets overall last month were Victoria and Chilliwack, with Fraser Valley and Victoria, having the highest reduction in inventory.