BCREA: Market Update for August 2023

Below is the British Columbia Real Estate Association's (BCREA) market update video for August 2023.

Key takeaways from the market update include:

- provincial residential sales for July 2023 were up 26% from a year earlier

- rising interest rates are expected to "dampen sales activity" for the remainder of 2023

- the total inventory of active listings remains far below what would be considered healthy levels (low inventory persists in other words)

- although the average price of a home in BC was $968,000 and up 6% y/y it was down for the second consecutive month.

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