BCREA: Market Update for September 2023

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.

Click here for the direct video link

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.

Reciprocity Logo 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.