BRITISH COLUMBIA – The British Columbia Real Estate Association (BCREA) released its 2024 Third Quarter Housing Forecast Update.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 4.4 per cent to 76,300 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,475 units.
“The Bank of Canada has shifted to easing policy following aggressive tightening since 2022,” said Brendon Ogmundson, BCREA Chief Economist. “This policy shift has positive implications for the BC housing market, and we expect home sales to rebound in the second half of this year with momentum carrying over into 2025.
credit: bcrea.bc.ca
A steady supply of new listings and sluggish sales over the first half of the year has resulted in the total inventory of homes for sale rising to its highest level since 2019. Market conditions have been trending near the lower end of what is traditionally defined as a balanced market. As such, average home prices have mostly trended sideways over the past year, with the notable exception of Greater Vancouver where the average price has returned to its 2022 peak.
We anticipate that the average home price in BC will edge up slightly this year, rising 2 per cent to an annual average of $990,500. As home sales pick up over the next year, we expect the market to tighten and for the average price in BC to rise 2.9 per cent to an average of $1.02 million.
Source: bcrea.bc.ca
