Our Residential Sales Summary shows you regional data as compared to 2021-Q3 and 2020-Q3 along with Economist, Will Dunning, sharing his insights on housing market indicators affecting the real estate market across the province.
Observations for Q3:
- Residential sales activity within BC has slowed, from exuberant levels seen earlier this year to a 3rd quarter sales rate that is close to normal.
- If the recent rises in mortgage interest rates are sustained, then we should expect a further slowing in sales for the first half of 2022.
- Meanwhile, the total supply of housing within BC (and across Canada) is far short of what is required by our growing population. On that basis, the “state of balance” within most local markets will probably continue to favour sellers. The housing market environment will remain highly stressful for potential buyers.
If this is the first time reading our report, you’ll find that it compares average and median pricing for key residential property types (attached, detached, condo) on a regional level.
Landcor’s Q3 data (regional charts) shows that during this time, residential sales were up by 18% compared to a year earlier. Sales increased in five of the six regions (excluding Vancouver Island). The largest increases were in Greater Vancouver and the Fraser Valley. Correspondingly, their shares of the province’s sales were higher than a year ago.
The median price continues to rise very rapidly, to $695,000 in third quarter, from $665,000 in the second quarter. Compared to a year earlier, the median price has increased by 22%. For the entire period shown in this chart, the average increase is 7.1% per year.