September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
British Columbia Market Update (October 2023)
Dated: November 15 2023
Views: 199
October 2023. The British Columbia Real Estate Market Manages to Achieve Balance Amidst Slowing Activity.
According to the British Columbia Real Estate Association (BCREA), residential unit sales rose by 1.8%, totalling 5,373 transactions in the Multiple Listing Service® (MLS®) systems compared to October 2022.
The average MLS® residential price in BC reached $968,786, marking a 4.1% increase year-over-year. The total sales dollar volume grew by 6% to $5.2 billion.
BCREA Chief Economist Brendon Ogmundson noted that while home sales have slowed due to high borrowing costs and a stringent stress test, the market is maintaining equilibrium with low inventory levels. Active listings have increased for the fifth consecutive month on a seasonally adjusted basis. However, they still fall below the historical standards necessary for a sustainable market balance.
Despite a year-to-date decrease in BC residential sales dollar volume by 13.6% to $63.1 billion and a 3.4% drop in the average MLS® residential price to $971,802, the market remains steady. Residential unit sales were also down 105 percent to 64,936 units compared with the same period in 2022
These insights provide a comprehensive view of the market dynamics, crucial for buyers and sellers navigating the current real estate landscape.
"Copyright British Columbia Real Estate Association. Reprinted with permission."
Andy McGhee Personal Real Estate Corporation
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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