BC home price change "essentially flat" since Summer 2023

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A total of 5,497 homes were sold across British Columbia over the month of February 2024, based on the BC Real Estate Association’s (BCREA) newly released mid-month report.

This represents a 15.3% increase from February 2023, with BCREA chief economist Brendon Ogmundson deeming the current home sales levels to be within “balanced” market territory with “relatively low activity.”

BCREA’s data is based on a compilation of region-based real estate board monthly data, which are released by the individual real estate boards at the top of each month.

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Fraser Valley Real Estate Board (FVREB) saw a 37.8% year-over-year increase in home sales, Greater Vancouver Realtors (GVR; formerly known as the Real Estate Board of Greater Vancouver) saw a 14.1% year-over-year increase, and the Victoria Real Estate Board (VREB) saw a 3.9% year-over-year increase.

Overall, across BC, the average home price in February 2024 was up 4.7% at $987,798, compared to $943,574 in February 2023.

The average home price reached $1.021 million in FVREB (+8.3% year-over-year), $1.276 million in GVR (+4.4% year-over-year), and $951,247 in VREB (+0.5% year-over-year).

“The BC housing market is in a period of relative calm entering the spring,” said Ogmundson. “While activity is picking up, home sales remain below normal, and home prices have been essentially flat since last summer.”

As for active listings, they were up 20.3% province-wide compared to February 2023, with a recovery in new listings in January and February 2024 following the exceptionally sluggish year for new listings in 2023, which saw the fewest new listings since 2005.

There was a 38% year-over-year increase in the number of active listings in FVREB, a 16.3% year-over-year increase in GVR, and a 30% year-over-year increase in VREB.

GVR’s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, Whistler, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, Delta, and White Rock are part of the Fraser Valley Real Estate Board.

VREB covers Greater Victoria from Sooke to Sidney, up-Island as far as Cherry Point Road in Cobble Hill, and the Gulf Islands.

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