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Low housing supply a problem across B.C., real estate association says

Click to play video: 'B.C. real estate market suffers from supply issue'
B.C. real estate market suffers from supply issue
The number of active real estate listings was down to a record low across B.C. in October. John Hua tells us why, and what affect that's having on prices – Nov 10, 2021

Record low housing supply is not just an issue in Metro Vancouver, according to a new report by the British Columbia Real Estate Association (BCREA).

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

The average price was $964,000, up almost 19 per cent from a year ago.

Click to play video: 'B.C. government moves to better protect home buyers in super-heated real estate market'
B.C. government moves to better protect home buyers in super-heated real estate market

Active listings dropped 40 per cent year over year in October, falling to an all-time low for the province. On a seasonally adjusted basis, active listings have declined for five consecutive months.

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“The story across the province continues to be the record low number of listings,” BCREA chief economist Brendon Ogmundson said.

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“Rising mortgage rates should start to temper sales activity next year, but even with a moderation in demand it will take quite some time for the inventory of homes to return to a healthy level.”

 

 

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