British Columbia Housing Market Report

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British Columbia’s housing market fell behind the pack in September 2024, as it became the only province to post a year-over-year decrease in its provincial average home price for the month of September 2024. The average home price in the province stands at $942,969. This represents a monthly increase of 0.5% but an annual decrease of 2.4%. The benchmark home price in British Columbia has declined to $961,300, 1.2% lower month-over-month and 2.4% lower year-over-year.

5,579 sales were recorded in BC’s housing market in September 2024, marking a 0.7% increase year-over-year and down by 6.1% month-over-month. That’s 25% lower than the 10-year average for the month of September.

What hasn’t decreased, and has instead increased significantly, are active listings and inventory in BC’s housing market. There were 42,621 homes on the market by the end of September 2024, up 28% year-over-year. BC’s sales-to-active listings ratio has slumped to 13.1%, down from 16.7% last year.

View Home Listings in BC

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View Home Listings in BC

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Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for September 2024 is $1,252,066, a 3.2% 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 dip into a buyer’s market, with mixed changes for other regions.

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: $430,734 (up 8% from September 2023)

2. Active Listings: 2,127 units (up 3.4%)

3. Sales to Active Listings Ratio: 14.8% (down from 16.8%)

1. Average Price: $753,567 (up 0.2%)

2. Active Listings: 1,212 units (down 2.8%)

3. Sales to Active Listings Ratio: 17.8% (up from 16%)

1. Average Price: $1,036,581 (up 0.7%)

2. Active Listings: 7,682 units (up 41.6%)

3. Sales to Active Listings Ratio: 12.1% (down from 19.1%)

1. Average Price: $1,252,066 (down 3.2%)

2. Active Listings: 14,932 units (up 31.2%)

3. Sales to Active Listings Ratio: 12.4% (down from 16.8%)

1. Okanagan Average Price: $714,520 (down 2.4%)

2. Kamloops Average Price: $606,609 (up 1.4%)

3. Active Listings: Okanagan (6,502 units, up 33.7%), Kamloops (1,383 units, up 19.9%)

4. Sales to Active Listings Ratio: Okanagan (8.3%, down from 11.4%), Kamloops (14.3%, down from 17.8%)

1. Average Price: $571,415 (up 8.9%)

2. Active Listings: 1,671 units (up 14.3%)

3. Sales to Active Listings Ratio: 16.5% (up from 15.8%)

1. Average Price: $625,460 (down 18.6%)

2. Active Listings: 226 units (up 43.9%)

3. Sales to Active Listings Ratio: 13.3% (up from 12.7%)

1. Vancouver Island Average Price: $723,991 (up 3.2%)

2. Victoria Average Price: $960,198 (down 4.5%)

3. Active Listings: Vancouver Island (3,919 units, up 26.8%), Victoria (2,708 units, up 25.7%)

4. Sales to Active Listings Ratio: Vancouver Island (15.7%, down from 17%), Victoria (20.1%, down from 21.4%)

1. Average Price: $942,969 (down 2.4%)

2. Active Listings: 42,621 units (up 28.1%)

3. Sales to Active Listings Ratio: 13.1% (down from 16.7%)