Home supply in B.C. at an all-time low

The supply of homes 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.