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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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?

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: $418,495 (up 5.6%)

2. Active Listings: 1,493 units (down 9.2%)

3. Sales to Active Listings Ratio: 20.4% (up from 15.4%)

1. Average Price: $767,332 (up 11%)

2. Active Listings: 999 units (down 1.5%)

3. Sales to Active Listings Ratio: 19% (up from 15%)

1. Average Price: $1,033,199 (up 4.5%)

2. Active Listings: 6,790 units (up 32.6%)

3. Sales to Active Listings Ratio: 15.9% (down slightly from 16.2%)

1. Average Price: $1,276,716 (down 0.5%)

2. Active Listings: 13,245 units (up 21.2%)

3. Sales to Active Listings Ratio: 16.5% (up from 15.5%)

Interior

1. Average Price: $710,298 (down 5.6%)

2. Active Listings: 5,093 units (up 12.3%)

3. Sales to Active Listings Ratio: 11.5% (up from 10.2%)

1. Average Price: $586,915 (down 5.3%)

2. Active Listings: 1,120 units (up 18.6%)

3. Sales to Active Listings Ratio: 15.8% (down from 17.4%)

1. Average Price: $548,865 (up 15%)

2. Active Listings: 1,380 units (up 19.5%)

3. Sales to Active Listings Ratio: 14.1% (down from 16.6%)

1. Average Price: $653,148 (up 22%)

2. Active Listings: 172 units (up 33.3%)

3. Sales to Active Listings Ratio: 14.5% (up from 11.6%)

1. Average Price: $728,551 (down 0.5%)

2. Active Listings: 2,968 units (up 4.4%)

3. Sales to Active Listings Ratio: 18.1% (up from 16.4%)

1. Average Price: $942,725 (down 2.7%)

2. Active Listings: 2,181 units (up 3.8%)

3. Sales to Active Listings Ratio: 24.4% (up from 17.8%)

1. Average Price: $979,221 (up 1.7%)

2. Active Listings: 35,641 units (up 16.3%)

3. Sales to Active Listings Ratio: 16.4% (up from 15.2%)