BRITISH COLUMBIA –The British Columbia Real Estate Association (BCREA) reports that a total of 9,191 residential unit sales were recorded in Multiple Listing Service (MLS) systems in May 2023, an increase of 9.9 per cent from May 2022.
The average MLS residential price in BC was $1.02 million up 3 per cent compared to May 2022. The total sales dollar volume was $9.4 billion, representing a 13.2 per cent increase from the same time last year.
“Home sales in May were surprisingly strong,” said BCREA Chief Economist Brendon Ogmundson. “Normally we’d expect to see a more persistent, negative impact from the last year of rising interest rates on sales. Instead sales staged an early recovery in the spring returning to a normal pace of sales well ahead of schedule.”
The average home price in BC has now recovered much of the decline over the past year and is now back over $1 million for the first time since April 2022.
Year-to-date, BC residential sales dollar volume was down 33.9 per cent to $30.8 billion, compared with the same period in 2022. Residential unit sales were down 28.1 per cent to 31,631 units, while the average MLS residential price was down 8.2 per cent to $973,085.
Business Examiner Submitted
