Low supply of homes is a problem in BC, says real estate association – BC | The Canadian News

The historically low supply of homes is not just a problem in Metro Vancouver, according to a new report from the British Columbia Real Estate Association (BCREA).

The association said Wednesday that just under 9,600 homes were sold in October, a 13.7 percent decrease from the same month a year earlier.

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The median price was $ 964,000, almost 19 percent more than a year ago.

Active listings fell 40 percent year-on-year in October, falling to a record low for the province. On a seasonally adjusted basis, active listings have declined for five consecutive months.

“The history across the province is still the record number of listings,” said BCREA chief economist Brendon Ogmundson.

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“Rising mortgage rates should begin to dampen sales activity next year, but even with a moderation in demand, it will take a long time for home inventory to return to a healthy level.”

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