The supply of homes listed for sale across B.C. is at a historical low, said the British Columbia Real Estate Association.
There were 19,214 active listings in October across the province — a nearly 40 per cent drop from October 2020, and an all-time record low.
Home inventories have also fallen for five consecutive months.
“The story across the province continues to be the record low number of listings,” said Brendon Ogmundson, chief economist of the BCREA, which represents about 23,000 realtors across the province.
“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.”
Data from 10 real estate boards across the province paints a picture of rising prices, high demand, and low supply.
The number of homes for sale in October has dropped everywhere in B.C. compared to October 2020, except for Powell River which posted a four per cent gain.
The decrease in many regions are significant: Fraser Valley had 53 per cent less homes for sale this October compared to the same time last year; Kamloops saw a 49 per cent drop; Vancouver, 47 per cent; and Victoria, 55 per cent.
In Greater Vancouver, where the average home price is highest, the sales to active listings ratio is nearly 42 per cent.
Other regions have even tighter supply. Chilliwack’s sales to active listings ratio is at 84.5 per cent; Victoria’s, nearly 94 per cent, and Fraser Valley has 69 per cent.
Analysts say a sales to active listings ratio of 20 per cent or higher indicates a seller’s market where there’s more people looking for a home than there are homes available.
Across B.C., 9,593 homes exchanged hands in October, a 14 per cent drop from the same month last year, while the average price of a home rose 19 per cent to $964,777.
