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CREA STATS

BC Northern MLS® home sales remain below year-ago levels but stop declining on a monthly basis in October

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 310 units in October 2022. This was down sharply by 34% from October 2021.

Home sales were 26.2% below the five-year average and 22.4% below the 10-year average for the month of October.

On a year-to-date basis, home sales totaled 3,841 units over the first 10 months of the year. This was a decrease of 20.2% from the same period in 2021.

“Home sales in October posted another large decline compared to levels from one year earlier. However, looking through the seasonal trends it appears that sales departed from their downward trend that has been ongoing since March of this year,” said Wynnette Lowes, President of the BC Northern Real Estate Board. “The impact of the interest rate increases has started to show up in year-over-year price comparisons, with October posting a small year-over-year decline and the first of its kind since December 2020. It is likely we will continue to see a moderation in prices over the remainder of the year, especially with one more interest rate increase priced in by financial markets for December.”

The average price of homes sold in October 2022 was $398,644, a small reduction of 1% from October 2021.

The more comprehensive year-to-date average price was $416,202, increasing by 8.7% from the first 10 months of 2021.

The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over a vast geographic area (the Board serves an area covering over 600,000 square kilometers or 72% of the province).

The dollar value of all home sales in October 2022 was $123.6 million, a sharp decrease of 34.7% from the same month in 2021.

The number of new listings was down by 9% from October 2021. There were 426 new residential listings in October 2022.

New listings were 8.9% below the five-year average and 7.7% below the 10-year average for the month of October.

Active residential listings numbered 1,757 units on the market at the end of October, an increase of 19.8% from the end of October 2021.

Active listings were 4.2% below the five-year average and 19.1% below the 10-year average for the month of October.

Months of inventory numbered 5.7 at the end of October 2022, up from the 3.1 months recorded at the end of October 2021 and above the long-run average of 5.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Important information

The BC Northern Real Estate Board is an association of over 400 REALTORS® that provides services to and sets standards for members.

The BC Northern Real Estate Board covers the northern part of British Columbia, including Bulkley Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/Queen Charlottes.