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.

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.

“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.”