Housing market 'normalization' continues in British Columbia

The housing market in British Columbia has seen tough times since the introduction of the mortgage stress tests and other market-cooling measures.

But there are continued signs that the market is returning to more normal conditions according to stats from the British Columbia Real Estate Association.

Home sales in BC in October gained 19.3% year-over-year with a total of 7,666 residential unit sales were recorded by the MLS.

Meanwhile, prices were heading upwards with the average MLS® residential price in the province rising 5.1% year-over-year to $724,045, while total sales dollar volume was $5.55 billion, a 25.4% increase from the same month last year.

“Most markets around the province are returning to a more typical level of sales activity,” said BCREA Chief Economist Brendon Ogmundson. “That recovery in sales and slower listings activity is putting upward pressure on prices in many markets.”

Growth in active listings in the province was 1% year-over-year to 36,567 units, although down slightly when compared on a seasonally adjusted basis.

With sales and listings down, overall market conditions in the province have tightened, with a sales-to-active listings ratio of 21%.

Year-to-date sales data

Year-to-date, BC residential sales dollar volume was down 9% to $45.3 billion, compared with the same period in 2018. Residential unit sales were 6.2% lower at 65,468 units, while the average MLS® residential price was down 3% year-to-date at $691,618.

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