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B.C. housing market stabilizing, though prices still rising: BCREA

Through the first eight months of the year, residential unit sales were down 30.5 per cent, while the average sale price was up 12 per cent to $1.02 million
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Last month, 5,645 residential unit sales were recorded, a 40 per cent drop from the same time last year. THE CANADIAN PRESS Jonathan Hayward

New figures from the B.C. Real Estate Association suggest the provincial housing market is starting to stabilize, though some prices continue to rise.

The association noted that last month, 5,645 residential unit sales were recorded, a 40 per cent drop from the same time last year, while the average residential sale price in the province increased 2.1 per cent to $918,378.

“Housing activity across the province remains well below normal but is showing signs of stabilizing,” said chief economist Brendon Ogmundson. “While inventory is up over last year, active listings have somewhat stalled at relatively low levels in most major markets and as a result we are seeing a healthier balance compared to last year.”

Through the first eight months of the year, residential unit sales were down 30.5 per cent, while the average sale price was up 12 per cent to $1.02 million.

Sales in Greater Victoria last month mirrored the province-wide figures with a 40 per cent drop, but prices on the south Island also softened.

The benchmark value for a single-family home in Victoria’s core was $1.39 million in August, down 2.9 per cent from $1.43 million in July, but up from $1.2 million in August 2021.

A benchmark reflects the value of a typical home in a ­particular community.

The average price of a single-family home in Greater Victoria was $1.28 million in August, up from $1.199 million in July. The average for August 2021 was $1.224 million.