Here's how much the cost of owning a home in BC has fallen since last year
Amir Ali - Urbanized • March 9, 2023
The cost of owning a home in BC has fallen sharply since last year.
Still, the latest numbers from the BC Real Estate Association (BCREA) highlight how much of an impact interest and lending rates have on the province’s real estate market.
Not only have average residential home prices fallen in every region that the BCREA looks at, but home sales are also down in all those regions.
The BCREA states that activity in the housing market is “off to a slow start in 2023.”
The BCREA states that activity in the housing market is “off to a slow start in 2023.”
In January 2022, 3,047 residential unit sales were recorded, a massive 50.3% decrease compared to January 2023.
In terms of prices, the average residential price in BC in 2023 dipped to $872,934, which is down 16.1% compared to January 2022, when the average home price was $1,040,481.
While inventory is looking better this year, that’s only in comparison to a record low in January 2022.
“However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity,” BCREA says in a statement.
In terms of prices, the average residential price in BC in 2023 dipped to $872,934, which is down 16.1% compared to January 2022, when the average home price was $1,040,481.
While inventory is looking better this year, that’s only in comparison to a record low in January 2022.
“However, at just under 22,000 total listings, the inventory of homes for sales remains well below normal for January as a scarcity of new listings in many markets has muted the impact of slow sales activity,” BCREA says in a statement.
As mentioned, prices fell sharply in every BC region that the BCREA covers, falling most sharply in the Fraser Valley. Meanwhile, sales plunged the furthest compared to last year in the Greater Vancouver region.
The cost of owning a home in BC is the most affordable in the South Peace River and BC Northern regions.
Would you move to one of those locales to buy a home?
Another tip if you’re looking to save is to avoid homes that feature Versace wallpaper.
Would you move to one of those locales to buy a home?
Another tip if you’re looking to save is to avoid homes that feature Versace wallpaper.
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π‘ Fraser Valley home prices back to pandemic-era levels under the weight of economic headwinds and sustained inventory π SURREY, BC – Home prices in the Fraser Valley fell for the tenth consecutive month in January, pushing the Benchmark price below $900,000 for the first time since spring 2021. The Benchmark price for a typical home in the Fraser Valley dropped one per cent in January to $897,200, down 6.9 per cent year-over-year. The continued softening of prices wasn’t enough to get buyers off the sidelines, as the Fraser Valley Real Estate Board recorded 619 sales on its Multiple Listing Service® (MLS®) in January, a 33 per cent decrease from December, and 24 per cent below sales from the same month last year. New listings increased 128 per cent in January to 3,078, reflecting the typical seasonal patterns; however, activity remained 10 per cent below last year’s levels.
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