British Columbia Housing Market Report
Average Home Prices in British Columbia for November 2024
Historical Average Home Prices in British Columbia
British Columbia Housing Market as of October 2024
British Columbia’s housing market is stabilizing in November 2024 as both B.C. home prices and sales activity moderate. The average home price in British Columbia stands at $979,221. This represents a monthly increase of 1.4% and an annual increase of 1.7%. That’s the first time that British Columbia’s average home price has increased on an annual basis since April 2024. The benchmark home price in British Columbia is $956,100, 0.1% higher month-over-month and 1.2% lower year-over-year.
5,841 sales were recorded in BC’s housing market in November 2024, marking a 26% increase year-over-year yet down by 18% month-over-month. That’s the third-largest annual percentage gain in sales among the provinces for the month of November 2024, trailing behind Quebec and Ontario, which saw a 41% and 31% increase in sales year-over-year, respectively.
Active listings and inventory in BC’s housing market have increased significantly. By the end of November 2024, 35,641 homes were on the market, up 16.3% year over year. BC’s sales-to-active listings ratio is 16.4%, up from 15.2% last year.
Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for November 2024 is $1,276,716, a 0.5% 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 has seen Greater Vancouver rise close to the 60% threshold of a seller’s market, with mixed changes for other regions. Of particular note is Northern BC, which has seen its SNLR remain above 100% as it experiences the lowest level of new listings for the month of November in over 35 years, while sales have increased 20% year-over-year.
British Columbia: Seller’s or Buyer’s Markets?
City | November 2024 Sales-to-New-Listings Ratio (SNLR) | October 2024 Sales-to-New-Listings Ratio (SNLR) | Change | Market Type |
---|---|---|---|---|
Greater Vancouver | 59% | 48% | Balanced Market | |
Chilliwack | 70% | 56% | Seller's Market | |
BC Northern | 102% | 104% | Seller's Market | |
Powell River | 50% | 58% | Balanced Market |
Regional Insights and Analysis
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.
BC Northern
Average Price: $418,495 (up 5.6%)
Active Listings: 1,493 units (down 9.2%)
Sales to Active Listings Ratio: 20.4% (up from 15.4%)
Chilliwack
Average Price: $767,332 (up 11%)
Active Listings: 999 units (down 1.5%)
Sales to Active Listings Ratio: 19% (up from 15%)
Fraser Valley
Average Price: $1,033,199 (up 4.5%)
Active Listings: 6,790 units (up 32.6%)
Sales to Active Listings Ratio: 15.9% (down slightly from 16.2%)
Greater Vancouver
Average Price: $1,276,716 (down 0.5%)
Active Listings: 13,245 units (up 21.2%)
Sales to Active Listings Ratio: 16.5% (up from 15.5%)
Interior
Okanagan
Average Price: $710,298 (down 5.6%)
Active Listings: 5,093 units (up 12.3%)
Sales to Active Listings Ratio: 11.5% (up from 10.2%)
Kamloops
Average Price: $586,915 (down 5.3%)
Active Listings: 1,120 units (up 18.6%)
Sales to Active Listings Ratio: 15.8% (down from 17.4%)
Kootenay
Average Price: $548,865 (up 15%)
Active Listings: 1,380 units (up 19.5%)
Sales to Active Listings Ratio: 14.1% (down from 16.6%)
Powell River
Average Price: $653,148 (up 22%)
Active Listings: 172 units (up 33.3%)
Sales to Active Listings Ratio: 14.5% (up from 11.6%)
Vancouver Island
Average Price: $728,551 (down 0.5%)
Active Listings: 2,968 units (up 4.4%)
Sales to Active Listings Ratio: 18.1% (up from 16.4%)
Victoria
Average Price: $942,725 (down 2.7%)
Active Listings: 2,181 units (up 3.8%)
Sales to Active Listings Ratio: 24.4% (up from 17.8%)
Province Totals
Average Price: $979,221 (up 1.7%)
Active Listings: 35,641 units (up 16.3%)
Sales to Active Listings Ratio: 16.4% (up from 15.2%)
Housing Markets of Major Cities in British Columbia
City | Average Home Prices (November 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
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