BC Has Historic Low Level Home Supply

In British Columbia, 9,593 residential unit sales were recorded by the Multiple Listing Service (MLS) in October, a decrease of 13.7 per cent from October 2020, says the British Columbia Real Estate Association (BCREA). “The story across the province continues to be the record low number of listings,” says Brendon Ogmundson, BCREA chief economist. “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.” Total active residential listings were down nearly 40 per cent year-over-year in October, falling to an all-time record low for the province. Active listings have now fallen for five consecutive months on a seasonally adjusted basis.