Number of home sales in British Columbia now 24% below historical average

The number of residential real estate transactions across British Columbia in June 2024 was considerably lower compared to historical averages.

According to newly released statistics by the BC Real Estate Association (BCREA), there were a total of 7,082 home sales in June 2024, representing a 19% decrease from June 2023.

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The number of home sales was 24% lower than the 10-year average for the month, practically tying with the month’s lows experienced in June 2019 and June 2022 over the past decade. This was the third consecutive year that June sales fell below the historical average.

The most pronounced year-over-year percentage decrease for June 2024 was recorded in the Fraser Valley, where the number of home sales fell by 32% compared to the same month in 2023.

All areas within the BC interior saw a year-over-year decrease in transactions, ranging from a drop of 16% to 26%. There were also considerable decreases of 18.5% in Metro Vancouver and about 16% for Vancouver Island outside of Victoria, where there was a smaller drop of 5%.

“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in [Bank of Canada policy interest] rate hikes,” said BCREA chief economist Brendon Ogmundson in a statement.

“However, both sales and active listings continue to gradually inch upwards, keeping the market in balanced territory.”

As for the number of homes sold in BC in 2024 to date, the figure has reached 38,639 units, representing a 4% decrease compared to the same first six-month period of 2023.

The average home price in BC in June 2024 was up by 1% at $998,159 — up from $988,632 in June 2023.

The total number of active listings over the month reached 41,650 units, representing a 38% jump from the 30,151 units in June 2023.

BCREA’s statistics is based on a compilation of local real estate board jurisdiction data.

The Bank of Canada’s next policy interest update and monetary policy report is scheduled for July 24, 2024. Further cuts to the policy interest rate at this juncture could accelerate the real estate market’s recovery.