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British Columbia Housing Market Report

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Market Report Summary for April 2024
Updated May 23rd, 2024

    Average Home Prices in British Columbia for April 2024

    Historical Average Home Prices in British Columbia

    Best 5-Year Fixed Mortgage Rates in BC
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    British Columbia Housing Market as of April 2024

    wahi map

    The housing market in British Columbia is known for its high prices, and that continues to be the case in April 2024. As of April 2024, the average home price in the province stands at $1,006,248. This represents a slight monthly decrease of 1.3%, yet an annual increase of 1.4%. The monthly decline, although minor, is significant as it marks the largest monthly drop among all Canadian provinces, perhaps a relief to some homebuyers in Canada's most expensive provincial market.

    Interestingly, despite the average home price decreasing, the benchmark home price in British Columbia has shown resilience, standing at $984,900, which is 0.9% higher month-over-month and 2.1% higher year-over-year. This indicates a stable demand for homes that align closely with the typical properties in the area.

    Home sales in British Columbia have also shown a positive trend, with 7,569 sales recorded in April 2024, marking a 1.5% increase year-over-year and up by 17.2% month-over-month. This uptick highlights the ongoing interest and activity in the market, even during minor fluctuations in pricing.

    Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for April 2024 is $1,302,794, reflecting a 0.6% increase year-over-year. This makes Vancouver the most expensive city in Canada to buy a home in.

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

    April 2024
    CityApril 2024 Sales-to-New-Listings RatioMarket Type
    Greater Vancouver40%Balanced Market
    Chilliwack48%Balanced Market
    BC Northern45%Balanced Market
    Powell River49%Balanced Market

    Regional Insights and Analysis

    BC Northern

    1. Average Price: $434,772 (up 7.8% from April 2023)

    2. Active Listings: 1,926 units (up 15.6%)

    3. Sales to Active Listings Ratio: 18.6% (up from 17.3%)

    The Northern region shows a significant increase in both average prices and active listings, indicating strong market activity and rising supply.

    Chilliwack

    1. Average Price: $771,475 (up 4.9%)

    2. Active Listings: 1,129 units (up 30.5%)

    3. Sales to Active Listings Ratio: 25% (down from 31.9%)

    Chilliwack's market demonstrates robust price growth, although the sales-to-active listings ratio has decreased, suggesting a slower pace of sales relative to available inventory.

    Fraser Valley

    1. Average Price: $1,049,298 (up 2.4%)

    2. Active Listings: 6,070 units (up 64.5%)

    3. Sales to Active Listings Ratio: 23% (down from 40.4%)

    Fraser Valley has experienced a substantial increase in active listings, which may be contributing to the relatively moderate price growth and lower sales-to-active listings ratio.

    Greater Vancouver

    1. Average Price: $1,302,794 (up 0.6%)

    2. Active Listings: 12,491 units (up 42.1%)

    3. Sales to Active Listings Ratio: 22.7% (down from 30.9%)

    Greater Vancouver continues to be the most expensive market, with a slight price increase and a significant rise in active listings, indicating a competitive market environment.

    Interior (Okanagan and Kamloops)

    1. Okanagan Average Price: $749,445 (up 0.1%)

    2. Kamloops Average Price: $623,204 (up 7.5%)

    3. Active Listings: Okanagan (5,666 units, up 45.8%), Kamloops (1,258 units, up 33.5%)

    4. Sales to Active Listings Ratio: Okanagan (13.7%), Kamloops (18.3%)

    The Interior region shows varied trends, with Kamloops experiencing stronger price growth than Okanagan. Both areas have seen substantial increases in active listings.

    Kootenay

    1. Average Price: $590,332 (up 14.2%)

    2. Active Listings: 1,423 units (up 22.8%)

    3. Sales to Active Listings Ratio: 18.7% (down from 19.8%)

    Kootenay stands out with the highest year-over-year price increase among the regions in British Columbia.

    Kootenay

    1. Average Price: $590,332 (up 14.2%)

    2. Active Listings: 1,423 units (up 22.8%)

    3. Sales to Active Listings Ratio: 18.7% (down from 19.8%)

    Kootenay stands out with the highest year-over-year price increase among the regions in British Columbia.

    Vancouver Island and Victoria

    1. Vancouver Island Average Price: $734,569 (up 2%)

    2. Victoria Average Price: $983,904 (down 0.7%)

    3. Active Listings: Vancouver Island (3,406 units, up 36.6%), Victoria (2,365 units, up 51.3%)

    4. Sales to Active Listings Ratio: Vancouver Island (21.2%), Victoria (27.2%)

    Victoria is the only region in BC with a slight decrease in average price, while Vancouver Island shows modest price growth. Both areas have seen significant increases in active listings.

    What Do These Trends Mean?

    For Buyers

    1. Opportunities in Cooling Markets: The slight monthly decrease in average home prices across BC, particularly in high-demand areas like Greater Vancouver, presents potential opportunities for buyers to negotiate better deals.

    2. Diverse Options: With active listings up across all regions, buyers have a wider selection of properties to choose from, potentially reducing the urgency and pressure to make quick decisions.

    For Sellers

    1. Stable Long-Term Growth: Despite short-term fluctuations, the annual increase in average and benchmark prices indicates that property values in BC continue to appreciate over the long term.

    2. Competitive Market: Increased active listings mean sellers need to ensure their properties stand out, possibly requiring strategic pricing and enhanced marketing efforts.

    Housing Markets of Major Cities in British Columbia

    CityAverage Home Prices
    (April 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

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    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.