British Columbia’s real estate market couldn’t keep up its record-breaking sales activity in 2022.
According to The British Columbia Real Estate Association (BCREA) 80,874 residential unit sales were recorded by the Multiple Listings Service (MLS) in 2022 – down 35.2 per cent from the 124, 788 units sold in 2021.
“2022 could not match last year’s record pace,” Brendon Ogmundson, BCREA chief economist said. “While strong momentum from the end of 2021 carried through to the first quarter of the year, the pace and degree of Bank of Canada interest rate tightening ultimately precipitated a dramatic shift in the provincial housing market.”
In 2022, total sales dollar volume was $80.6 billion, 30.3 per cent less than 2021.
The average MLS residential price in BC during 2022 was $996,878 – up by 7.5 per cent from 2021’s average of $927,513.
Greater Vancouver, Fraser Valley and Victoria were still the top three most expensive markets in December 2022, even after prices started to decline towards the end of the year.