British Columbia Housing Market Report
Average Home Prices in British Columbia for February 2024
Historical Average Home Prices in British Columbia
British Columbia Housing Market as of February 2024
British Columbia’s average home price hit an eight-month high in February 2024 after rising 3.1% on a monthly basis, while the province’s benchmark home price rose by 1.5% monthly. For February 2024, BC’s average home price was $987,798, the highest that it has been since June 2023, and is 4.7% higher year-over-year. Meanwhile, BC’s benchmark home price was $966,100, up 4.0% year-over-year. This is the first time that the benchmark home price has risen on a monthly basis since July 2023.
There was strong growth in BC home sales in February 2024, with 5,497 homes sold across the province. That’s up 15.3% year-over-year and is 38% higher compared to last month’s 3,979 sales in January 2024. As for active listings, there are 27,371 active listings in the province. This number is 20% higher than last February.
This increase in sales and average home prices has led to the total dollar volume of all BC home transactions increasing by 21% year-over-year, to $5.43 billion in February 2024. That's up from $4.50 billion in February 2023.
The Greater Vancouver housing market had the highest average price at $1,276,517, an increase of 4.6% compared to the previous year. Fraser Valley and Victoria followed closely, with average prices standing at $1,021,021 (8.3% increase) and $951,247 (0.5% increase) respectively.
Chilliwack had a 6.6% year-on-year increase in prices, with the average residential price reaching $769,785. Other areas with noticeable price increases include Vancouver Island (12.1% increase to $733,706) and BC Northern (8.5% increase to $401,806). Housing markets that saw a year-over-year decline in average prices were the Interior, including the Okanagan (-7.1%), Kamloops (-0.3%), Kootenay (-3.4%), and South Peace (-26.3%), as well as Powell River (-9.1%).
Most areas enjoyed a rise in active listings compared to February 2023, with the Fraser Valley leading the way with a significant 37.9% year-over-year increase. Victoria also saw a substantial rise of 30.1% in its active listings.
British Columbia: Seller’s or Buyer’s Markets?
| City | February 2024 Sales-to-New-Listings Ratio | January 2024 Sales-to-New-Listings Ratio | Change | Market Type |
|---|---|---|---|---|
| Greater Vancouver | 45% | 38% | Balanced Market | |
| Chilliwack | 47% | 59% | Balanced Market | |
| BC Northern | 53% | 46% | Balanced Market | |
| Powell River | 60% | 43% | Seller's Market |
Housing Markets of Major Cities in British Columbia
| City | Average Home Prices (February 2024) | Population (2021) |
|---|---|---|
| Greater Vancouver | 2,642,825 7.3% vs. 2016 | |
| Burnaby | 249,125 7.0% vs. 2016 | |
| Richmond | 209,937 5.9% vs. 2016 | |
| Coquitlam | 148,625 6.7% vs. 2016 | |
| Fraser Valley | 324,005 9.5% vs. 2016 | |
| Surrey | 568,322 9.7% vs. 2016 | |
| Abbotsford | 153,524 8.6% vs. 2016 | |
| Victoria | 91,867 7.1% vs. 2016 | |
| Chilliwack | 113,767 12.1% vs. 2016 | |
| Powell River | 17,825 6.2% vs. 2016 |
*Benchmark price, **Average benchmark price
Housing Markets Across Canada
Data sourced from the Real Estate Board of Greater Vancouver (REBGV), British Columbia Real Estate Association (BCREA) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.