‘BC home sales fell 23% year over year in March to 5700 units as BC home sales continue continue to be adversely impacted by federal mortgage policy. The erosion of affordability caused by the B20 Stress Test has created near recession level housing demand despite the province boasting the lowest employment rates in a decade.
Total active listings on the market were up 36% from the same month last year with the Lower Mainland experiencing the most significant increase in total inventory of homes for sale. Other markets particularly Kamloops, the Kootenay’s and the North remain relatively supply constrained.
BC markets remain near the low end of a balanced market with a sales-to-active listing ratio of 16.5%. However markets conditions can vary significantly between individual neighborhoods and communities.
The MLS Average Price for BC was down 5.4% on a year-over-year basis in March and was down 7.3% on a year-to-date basis. However many regions around the province particularly smaller communities in the North and the Interior are experiencing rising prices in some categories. Meanwhile on a year-over-year basis the MLS Home Price Composite Index, the price for a typical home, declined 7.7% in Vancouver and was down about 4% in the Fraser Valley. In contrast prices were up 1% year-over-year in Victoria and close to 6% in the Vancouver Island Real Estate Board area.’
Source: BC Real Estate Association (BCREA) Chief Economist Cameron Muir