The British Columbia Real Estate Association is out with it's monthly video update for September 2023. This segment provides a high level overview of housing market activity, across BC.
Some key takeaways from this month's update include:
- sales (+16%) and prices were both higher in August 2023 compared to the year prior
- active listings (inventory) is gently trending higher but would still need to rise about 60% to bring a more sustainable long-run balanced market level
- provincially, the sales-to-active-listings ratio was in a balanced market threshold
- the average residential price in BC was $958,000 which was 5% higher than a year earlier, but lower than the all time peak reached in February 2022
Overall, provincially, my impression is that we have a stable balanced housing market right now. With the typical summer lull behind us now, the fall market should provide more clarity on trends in residential real estate.