BRITISH COLUMBIA – 2024 was another steady year for the real estate industry across British Columbia.
Prices and sales volumes were generally on par with the previous year, as reported by real estate organizations throughout all regions.
Laurie Lidstone
“2024 was a fairly calm year for local real estate,” says Victoria Real Estate Board Chair Laurie Lidstone. “And this is what we like to see for consumers. It has been a year of stability and predictability.”
A total of 421 properties sold in the Victoria Real Estate Board region in December, 28 per cent more than the 329 properties sold in December 2023 and a 23.6 per cent decrease from November 2024. Sales of condominiums were up 25 per cent from December 2023 with 135 units sold. Sales of single family homes increased 20.9 per cent from December 2023 with 191 sold.
A grand total of 6,893 properties sold over the course of 2024, an 11 per cent increase from the previous year.
Jeff Chadha, Chair of the Fraser Valley Real Estate Board, notes “2024 marked another subdued year for Fraser Valley home sales on the heels of a ten-year low in 2023. Slight declines in home prices across some areas of the region provided negligible relief for buyers looking to get into the market.”
Jeff Chadha
The Fraser Valley Real Estate Board reported new listings of 35,698 for the year ended December 31, 2024, a 10-year high and nine per cent above the 10-year average. However, annual sales recorded on the Multiple Listing Service were the lowest seen in 10 years at 14,570, a decline of one per cent over 2023 and 24 per cent below the 10-year average.
The City of Surrey accounted for the majority of 2024 sales at 51 per cent, with Langley and Abbotsford accounting for 24 per cent and 15 per cent respectively.
Jason Yochim, Chair of the Vancouver Island Real Estate Board which covers the Island north of the Malahat, states that realtors are feeling optimistic about 2025, with many clients stating they plan to buy or sell this year.
“Midway through 2024, VIREB’s housing market was fairly lackluster, but it picked up steam later in the year,” says Yochim. “Our market remains balanced, indicated by an absorption rate of 15 per cent, which benefits buyers and sellers.”
Jason Yochim
VIREB recorded 7,489 unit sales (all property types) in 2024 compared to 7,297 in 2023 and 7,810 in 2022. December 2024 saw unit sales of 443 (all property types) and 2,883 active listings.
In the Kamloops and District region, the Association of Interior Realtors reports that a total of 716 residential unit sales were recorded across the Association region in December, coming in below November’s 994 units and up 30.7% compared to December 2023’s units sold.
New residential listings saw an increase of 7.9% compared to December 2023 with 928 new listings recorded last month. The total number of active listings saw a 14.1% increase of total inventory compared to December 2023 with 6,721 recorded across the Association region. There was a total increase of 23.4% compared to the previous year.
“Overall, sales in December reflected the type of activity we usually see for the time of year, which is generally one of the slower months given the holidays typically putting a temporary pause on many homebuying ventures,” says the Association of Interior Realtors President Kaytee Sharun.
Kaytee Sharun
In the Okanagan, a total of 716 residential unit sales were recorded across the region in December, coming in below November’s 994 units and up 30.7% compared to December 2023’s units sold.
New residential listings saw an increase of 7.9% compared to December 2023 with 928 new listings recorded last month. The total number of active listings saw a 14.1% increase of total inventory compared to December 2023 with 6,721 recorded across the Association region.
Across the northern portion of the province, the BC Northern Real Estate Board reported 4,667 property sales worth $1.9 billion in 2024 through MLS, up from last year’s 4,229 sales worth $1.7 billion.
Sales in the BC Northern region in the fourth quarter of 2024 ticked upward following strong activity in the previous quarter. At 1,096 sales on a seasonally adjusted basis, housing market activity was 2.7% above historical averages and 23% above the level of fourth quarter of 2023.
Market activity around the board region was largely positive. Seasonally adjusted sales rose from the prior quarter in Prince George, 100 Mile House, Fort St. John, Kitimat, Terrace, and Smithers, while declining in Prince Rupert, Quesnel, and Williams Lake.
Some snapshots from across the region:
Prince George: 1335 properties worth $623.8 million sold in 2024, compared with 1131 properties worth $511.9 million in 2023.
100 Mile House: 374 properties worth $175 million sold this year through MLS®, compared with 371 properties worth $158.5 million in 2023.
Williams Lake: 423 sales worth $184 million were reported through MLS® in 2024, up from 368 sales worth $141 million the previous year.
Quesnel: 313 properties changed hands in 2024 through MLS®, up from 310 that were sold in 2023. The value of these properties was $112.8 million ($104.5 million in 2023).
Prince Rupert: 166 properties worth $65.4 million changed hands in 2024 compared with 156 properties worth $61.8 million in 2023.
Terrace: 274 properties sold in 2024 were worth $120.1 million compared with 2023’s 271 properties worth $116.2 million.
Kitimat: 183 properties worth $67.6 million changed hands in 2024; the same number of properties sold in 2023, and they were worth $71.7 million.
Smithers: REALTORS® reported 160 sales worth $82.2 million in 2024, compared to 157 sales worth $80.8 million in 2023.
Fort St. John: 648 properties with a value of $243.4 million sold in 2024, up from 585 properties worth $235.5 million that sold in 2023.
Business Examiner Staff
