BC Home Sales Trending Toward Normal in Around Town

May 26, 2022

Your Weekly Construction Briefing

The British Columbia Real Estate Association reports that a total of 8,939 residential unit sales were recorded by the Multiple Listing Service® in April 2022, a decrease of 34.9% from a record April 2021.

The BC Real Estate Association has released home sales data for April 2022, showing decreased sales and increased prices.

The average residential price in BC was $1.065 million, a 12.9% increase from $943,765 recorded in April 2021. Total sales dollar volume was $9.5 billion, a 26.5% decline from the same time last year. In addition, residential sales dollar volume was down, residential unit sales were down but the average MLS® residential price was up. 

The real estate market may be on a path to normalization, with interest rates risings and listings beginning to accumulate in some markets. However, the BCREA expects it to take a year or more before the market balances.

April statistics – Vancouver Island (not including Victoria): Average price up 21.7% to $813,382, Sales down 19.9% to 897. For Powell River: Average price up 52% to $841,382, Sales down 38% to 31.  

Excerpts BCREA.

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