British Columbia Housing Market Report

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In August 2024, the BC housing market saw residential real estate prices decline slightly, with sales activity below historical average levels.

As of August 2024, the average home price in the province stands at $938,500. This represents a monthly decrease of 2.2% and an annual decrease of 1.7%. The benchmark home price in British Columbia has declined to $972,700 0.5% lower month-over-month and 2.0% lower year-over-year.

Home sales in British Columbia have also decreased. 5,943 sales were recorded in August 2024, marking a 10.0% decrease year-over-year and down by 14.4% month-over-month. That’s 22% lower than the 10-year average for the month of August.

What hasn’t decreased, and has instead increased significantly, are active listings and inventory in BC’s housing market. There were 41,343 homes on the market in August 2024, up 32% year-over-year. Compared to slowing sales activity, BC’s sales-to-active listings ratio has slumped to 14.4%, down from 21.1% last year.

View Home Listings in BC

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View Home Listings in BC

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Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for August 2024 is $1,249,890, reflecting a 2.8% decrease year-over-year. This makes Vancouver the most expensive major city in Canada to buy an average home.

The sales-to-new-listings ratio (SNLR) of various regions in BC had mostly stayed the same compared to June 2024, although Powell River has turned into a balanced market.

British Columbia: Seller’s or Buyer’s Markets?

Real estate markets across British Columbia have gone through various trends in the past year, with changes in average prices, active listings, and sales-to-active listings ratios. The following numbers reflect year-over-year changes in average home prices and active listings, as well as a comparison of the sales-to-active listings ratio relative to last year’s value.

1. Average Price: $441,669 (up 1% from August 2023)

2. Active Listings: 2,136 units (down 4.6%)

3. Sales to Active Listings Ratio: 18.8% (down from 19.1% in August 2023)

1. Average Price: $710,242 (up 1.4%)

2. Active Listings: 1,220 units (up 11.5%)

3. Sales to Active Listings Ratio: 18.6% (up from 17.4%)

1. Average Price: $1,059,005 (up 6%)

2. Active Listings: 7,279 units (up 40.5%)

3. Sales to Active Listings Ratio: 14% (down from 23.2%)

1. Average Price: $1,249,890 (down 2.8%)

2. Active Listings: 13,812 units (up 37%)

3. Sales to Active Listings Ratio: 13.8% (down from 22.7%)

1. Okanagan Average Price: $761,466 (up 4.4%)

2. Kamloops Average Price: $605,970 (down 1.5%)

3. Active Listings: Okanagan (6,772 units, up 43.8%), Kamloops (1,482 units, up 28.9%)

4. Sales to Active Listings Ratio: Okanagan (10.2%), Kamloops (14%)

1. Average Price: $539,721 (up 2.9%)

2. Active Listings: 1,849 units (up 22%)

3. Sales to Active Listings Ratio: 14.5% (down from 20.8%)

1. Average Price: $529,279 (down 7.1%)

2. Active Listings: 224 units (up 29.5%)

3. Sales to Active Listings Ratio: 10.7% (down from 17.9%)

1. Vancouver Island Average Price: $725,365 (up 0.4%)

2. Victoria Average Price: $948,066 (down 7.3%)

3. Active Listings: Vancouver Island (3,980 units, up 34.2%), Victoria (2,531 units, up 30.9%)

4. Sales to Active Listings Ratio: Vancouver Island (16.1%), Victoria (20.7%)

1. Average Price: $938,500 (down 1.7%)

2. Active Listings: 41,343 units (up 32%)

3. Sales to Active Listings Ratio: 14.4% (down from 21.1%)