British Columbia Housing Market Report

View Home Listings in BC

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View Home Listings in BC

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View Home Listings in BC

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The BC housing market in June 2024 saw residential real estate prices relatively stabilize, despite some big changes in active listings.

As of June 2024, the average home price in the province stands at $998,159. This brings BC’s average home price back below $1 million and represents a slight monthly decrease of 0.4%, yet an annual increase of 1.0%. The benchmark home price in British Columbia has declined to $981,500, 0.4% lower month-over-month and 0.9% lower year-over-year.

Home sales in British Columbia have also decreased. 7,082 sales were recorded in June 2024, marking a 19.0% decrease year-over-year and down by 12.3% month-over-month. That’s 24% lower than the 10-year average for the month of June and is close to the 2019-low.

What hasn’t decreased, and has instead increased significantly, are active listings and inventory in BC’s housing market. There were 41,650 homes on the market in June 2024, up 38% year-over-year. Compared to slowing sales activity, BC’s sales-to-active listings ratio has slumped to 17%, down from 29% last year.

Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for June 2024 is $1,349,985, reflecting a 6.2% increase year-over-year. This makes Vancouver the most expensive city in Canada to buy an average home.

The sales-to-new-listings ratio (SNLR) of various regions in BC had mostly decreased compared to May 2024, although BC Northern continued to march deeper into a seller’s market. Compared to last month, home sales have been lagging behind new listings in June 2024.

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: $451,623 (up 4.5% from June 2023)

2. Active Listings: 2,170 units (up 3.1%)

3. Sales to Active Listings Ratio: 19.7% (down from 20.1% in June 2023)

The average price in BC Northern has increased by 4.5% from June 2023, reaching $451,623. Active listings have seen a slight rise of 3.1%. The sales-to-active listings ratio has decreased, now standing at 19.7%.

1. Average Price: $770,933 (down 2.6%)

2. Active Listings: 1,231 units (up 25.1%)

3. Sales to Active Listings Ratio: 20.3% (down from 24.8%)

Chilliwack's average price has decreased by 2.6% from June 2023 to $770,933 in June 2024. However, active listings have surged by 25.1%, indicating a significant growth in inventory. The sales-to-active listings ratio sits at 20.3%, reflecting a competitive market.

1. Average Price: $1,031,764 (down 6.8%)

2. Active Listings: 7,006 units (up 43.8%)

3. Sales to Active Listings Ratio: 17.9% (down from 37.9%)

In Fraser Valley, average prices have fallen by 6.8% to $1,031,764. The number of active listings has sharply increased by 43.8%, leading to a considerable decline in the sales-to-active listings ratio, which is now at 17.9%.

1. Average Price: $1,349,985 (up 6.2%)

2. Active Listings: 14,182 units (up 42%)

3. Sales to Active Listings Ratio: 17% (down from 29.7%)

The Greater Vancouver market has experienced a 6.3% rise in average prices, reaching $1,349,985. Active listings have also significantly risen by 42%. The sales-to-active listings ratio has decreased to 17%, indicating a shift towards more available properties.

1. Okanagan Average Price: $758,517 (down 0.1%)

2. Kamloops Average Price: $651,295 (up 13%)

3. Active Listings: Okanagan (6,558 units, up 46.4%), Kamloops (1,475 units, up 42.4%)

4. Sales to Active Listings Ratio: Okanagan (12.4%), Kamloops (16.3%)

The Interior region shows varied performance, with Okanagan's average price slightly declining by 0.1%, while Kamloops has seen a notable increase of 13%. Active listings have surged in both areas, particularly in Okanagan, presenting significant buyer opportunities.

1. Average Price: $545,402 (up 0.5%)

2. Active Listings: 1,781 units (up 23.6%)

3. Sales to Active Listings Ratio: 15.3% (down from 22.6%)

The Kootenay region has seen a modest increase in average prices, now at $545,402, with active listings also on the rise by 23.6%. The sales-to-active listings ratio has declined to 15.3%.

1. Vancouver Island Average Price: $772,294 (up 4.2%)

2. Victoria Average Price: $981,340 (up 1.2%)

3. Active Listings: Vancouver Island (3,999 units, up 34.5%), Victoria (2,787 units, up 53.9%)

4. Sales to Active Listings Ratio: Vancouver Island (17.7%), Victoria (23%)

Both Vancouver Island and Victoria have experienced increases in average prices, with Vancouver Island up by 4.2% and Victoria by 1.2%. Active listings have also risen considerably, particularly in Victoria, where they’ve increased by 53.9%.

In regions with increased average prices, such as Greater Vancouver and Victoria, buyers may need to be more strategic in their purchasing approach. They can consider areas with more affordable options or explore other types of properties, such as condos or townhouses.

In regions where active listings have significantly gone up, like Fraser Valley and the Okanagan, buyers may have more options to choose from.

Sellers in regions experiencing rising average prices can benefit from current market conditions by setting competitive prices. However, they should also consider the potential competition from other sellers, as sellers in areas with a sharp increase in active listings may face more competition.

Investors should pay close attention to the regions with increasing active listings and decreasing sales-to-active listings ratios. These areas might offer opportunities for negotiating better deals and investing in undervalued properties.