Properties on the market in B.C. at an all-time low

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Information from 10 actual property boards throughout the province paints an image of rising costs, excessive demand, and low provide.

Publishing date:

Nov 11, 2021  •  November 11, 2021  •  1 minute learn  •  28 Feedback

A total of 9,593 home sales were recorded on MLS in October 2021, a decrease of 13.7 per cent from the previous October, said the British Columbia Real Estate Association.
A complete of 9,593 residence gross sales have been recorded on MLS in October 2021, a lower of 13.7 per cent from the earlier October, stated the British Columbia Actual Property Affiliation. Photograph by RICHARD LAM /PNG

The availability of properties listed on the market throughout B.C. is at a historic low, stated the British Columbia Actual Property Affiliation.

There have been 19,214 energetic listings in October throughout the province — an almost 40 per cent drop from October 2020, and an all-time file low.

Dwelling inventories have additionally fallen for 5 consecutive months.

“The story throughout the province continues to be the file low variety of listings,” stated Brendon Ogmundson, chief economist of the BCREA, which represents about 23,000 realtors throughout the province.

“Rising mortgage charges ought to begin to mood gross sales exercise subsequent yr, however even with a moderation in demand it is going to take fairly a while for the stock of properties to return to a wholesome stage.”

Information from 10 actual property boards throughout the province paints an image of rising costs, excessive demand, and low provide.

The variety of properties on the market in October has dropped all over the place in B.C. in comparison with October 2020, aside from Powell River which posted a 4 per cent achieve.

The lower in lots of areas are important: Fraser Valley had 53 per cent much less properties on the market this October in comparison with the identical time final yr; Kamloops noticed a 49 per cent drop; Vancouver, 47 per cent; and Victoria, 55 per cent.

In Larger Vancouver, the place the typical residence value is highest, the gross sales to energetic listings ratio is sort of 42 per cent.

Different areas have even tighter provide. Chilliwack’s gross sales to energetic listings ratio is at 84.5 per cent; Victoria’s, almost 94 per cent, and Fraser Valley has 69 per cent.

Analysts say a gross sales to energetic listings ratio of 20 per cent or larger signifies a vendor’s market the place there’s extra individuals searching for a house than there are properties out there.

Throughout B.C., 9,593 properties exchanged fingers in October, a 14 per cent drop from the identical month final yr, whereas the typical value of a house rose 19 per cent to $964,777.

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