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.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.