The British Columbia Real Estate Association (BCREA) recently released its report on the state of the real estate market in April 2023. According to the report, there were 7,427 residential unit sales recorded in Multiple Listing Service® (MLS®) systems in April 2023, which is a 17.7% decrease from April 2022. The average MLS® residential price in BC was $995,506, down 5.6% compared to the same time last year. The total sales dollar volume was $7.4 billion, representing a 22.5% decrease from the same time last year.
Despite the three consecutive months of rising home sales, the recovery in sales has not been matched by listings, which continue to fall well below normal levels. As a result, average prices across the province are once again rising, recovering much of the decline since prices peaked early last year. While average home prices are still down year-over-year, they are rising on a monthly basis in most markets.
This report highlights the ongoing trend in the BC real estate market where the demand for homes is high, but the supply remains low. This has resulted in rising home prices, making it challenging for first-time buyers to enter the market. However, with the ongoing recovery in sales, it is expected that the supply will gradually increase, leading to a more balanced market in the future.
In today’s competitive housing market, it’s more important than ever to be prepared before beginning your home search. This includes getting pre-qualified, reviewing your financing options and ensuring that you’re ready to make an offer when you find the perfect home.
At CE Financial, we understand the challenges that homebuyers face, which is why we offer personalized mortgage solutions to help you navigate the complex world of real estate financing. Our team of experts can work with you to determine the best financing options for your unique situation, so you can purchase your dream home with confidence.
Don’t wait until it’s too late – reach out to us at info@cefinancial.ca to discuss your situation and take the first step towards homeownership today!
Links:
Lack of Inventory Creating Tighter Market Conditions Across BC (bcrea.bc.ca)
