BC Housing Market Update: What to Expect in 2024 and Beyond.

As we move through 2024, the British Columbia real estate market is showing promising signs of growth. According to the latest update from the BC Real Estate Association (BCREA), residential sales across the province are expected to see a 4.4% increase, totaling 76,300 units by the end of the year. This positive trend is anticipated to continue into 2025, with sales forecasted to climb even higher, reaching 86,475 units.

The shift in the Bank of Canada's monetary policy, from aggressive tightening since 2022 to a more easing stance, is a key factor driving this rebound. BCREA Chief Economist Brendon Ogmundson highlights the positive implications of this policy shift for the BC housing market, with home sales expected to gain momentum in the latter half of 2024 and into 2025.

Despite a sluggish start to the year, the steady influx of new listings has led to an increase in the total inventory of homes for sale, reaching its highest level since 2019. While market conditions have hovered around the lower end of what is traditionally considered a balanced market, the average home prices have remained relatively stable. Notably, Greater Vancouver has seen average prices return to their 2022 peak.

Looking ahead, the average home price in BC is expected to edge up by 2% this year, bringing the annual average to approximately $990,500. As the market tightens with increased sales activity in 2025, prices are projected to rise further, with a 2.9% increase pushing the average home price to about $1.02 million.

Whether you're a first-time homebuyer or a seasoned investor, staying informed about these market trends is crucial for making the most of your real estate investments in British Columbia. Get ahead of the curve and stay informed.  

To read the full article from BCREA click here.