The province’s housing market is at a “historically low supply,” according to the B.C. Real Estate Association.
According to the association, active residential listings were down nearly 40 per cent year-over-year for October, continuing a five-month downward trend.
A total of 9,593 residential unit sales were recorded in October, a drop of 13.7 per cent since the same month last year, while the average price was up 18.9 per cent to $964,777.
Unit sales have fallen across most of B.C. with the biggest drop being in Victoria with a 25.3 per cent decrease. Unit sales did increase in the South Peace River region by 22.9 per cent.
Prices increased everywhere except the South Peace River region, with the biggest jump on Vancouver Island (outside of Victoria) where they increased by 34.3 per cent.
However, chief economist Brendon Ogmundson said there could be some hope on the horizon.
“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,” Ogmundson said.