B.C. real estate sees rebound to start 2024: BCREA

The B.C. real estate market is picking up, with a reported increase in sales in January 2024 compared to the same month last year.

The BC Real Estate Association says sales were up almost 30 per cent last month. It notes the regions that saw the biggest spike were the Upper Fraser Valley, Metro Vancouver, Sunshine Coast, and Victoria.

The average sale price also rose in January, up by 10.5 per cent to $957,909.

“Home sales are on a clear uptrend to start 2024,” said BCREA Chief Economist Brendon Ogmundson.

“A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines.”

Despite the rebound in some areas, the BCREA says the number of active listings remains relatively low historically. It notes listings are up year-over-year, showing “signs of normalizing following a down year in 2023.”

As sales ramp up, the BCREA says a “steady pace of new inventory” is key to keeping markets balanced.