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