The latest report by the British Columbia Real Estate Association shows an increase in home sales and average prices in January 2024.
According to the report, a total of 3,979 residential unit sales were recorded in Multiple Listing Service® systems, which is a 29.4 per cent increase from January 2023. The average MLS® residential price in BC in January 2024 was $957,909, a 10.5 percent increase compared to an average price of $866,922, the low point for average prices over the past two years.
The total sales dollar volume was $3.8 billion, an increase of 42.9 percent from the same time in the previous year.
“January’s numbers reflect the ongoing demand for homes in British Columbia, despite the challenges posed by the pandemic and the rising interest rates,” said BCREA Chief Economist Brendon Ogmundson. “The market is showing resilience and strength, with both sales and average prices on the rise.”
The BCREA report also highlights that the Vancouver Island region saw the largest increase in sales at 44.4 per cent, followed by the Fraser Valley at 43.4 per cent. The Greater Vancouver area saw an increase of 28.2 per cent in residential unit sales.
New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate, BCREA added.
