British Columbia Housing Market Report

View Home Listings in BC

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View Home Listings in BC

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View Home Listings in BC

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British Columbia’s housing market ended off the year by seeing its average home price rise above the $1 million mark in December 2024, the first time that it has done so since May 2024. For December 2024, the average home price in British Columbia stands at $1,013,556. This represents a monthly increase of 3.5% and an annual increase of 5.0%. The benchmark home price in British Columbia is $955,500, 0.1% lower month-over-month and 0.1% higher year-over-year. It’s also the first time that BC’s benchmark home price has seen a positive year-over-year change since May 2024.

There were 4,484 sales recorded in BC’s housing market in December 2024, marking a 24.7% increase year-over-year yet down by 23.2% month-over-month. That’s the second-largest annual percentage gain in sales among the provinces for the month of December 2024, trailing quite a ways behind Quebec, which saw an astounding 52.3% increase in sales year-over-year.

Active listings and inventory in BC’s housing market have increased significantly compared to last year. By the end of December 2024, 28,733 homes were on the market, up 16.8% year over year. BC’s sales-to-active listings ratio is 15.6%, up from 14.6% last year.

Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for December 2024 is $1,275,672, a 2.5% increase 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 risen close to or above 100%, highlighting the slowdown in new listings typically seen during the month of December. Of particular note is Powell River, which is seeing its lowest level of new listings for the month of December in five years, while sales have increased 71% year over year.

British Columbia: Seller’s or Buyer’s Markets?

Real estate markets across British Columbia have shown varied performance across different regions in December 2024, with notable changes in average prices, active listings, and sales-to-active listings ratios. The following numbers reflect year-over-year changes comparing December 2024 to December 2023.

1. Average Price: $429,061 (up 11%)

2. Active Listings: 1,275 units (down 7.2%)

3. Sales to Active Listings Ratio: 13.6% (up from 11.6%)

1. Average Price: $783,840 (down 0.3%)

2. Active Listings: 788 units (down 3.0%)

3. Sales to Active Listings Ratio: 18.8% (up from 16.3%)

1. Average Price: $1,064,662 (up 10.4%)

2. Active Listings: 5,168 units (up 37.7%)

3. Sales to Active Listings Ratio: 17.8% (down from 20.4%)

1. Average Price: $1,275,672 (up 2.5%)

2. Active Listings: 10,429 units (up 24%)

3. Sales to Active Listings Ratio: 16.9% (up from 15.1%)

Interior

1. Average Price: $744,742 (down 3.9%)

2. Active Listings: 4,188 units (up 10.0%)

3. Sales to Active Listings Ratio: 9.7% (up from 8.7%)

1. Average Price: $572,710 (down 5.4%)

2. Active Listings: 827 units (up 5.4%)

3. Sales to Active Listings Ratio: 13.9% (up from 12.2%)

1. Average Price: $534,592 (up 15.4%)

2. Active Listings: 1,151 units (up 13.8%)

3. Sales to Active Listings Ratio: 8.8% (down from 10.7%)

1. Average Price: $617,492 (up 27.2%)

2. Active Listings: 139 units (up 39.0%)

3. Sales to Active Listings Ratio: 17.3% (up from 14.0%)

1. Average Price: $721,178 (up 2.7%)

2. Active Listings: 2,407 units (up 2.5%)

3. Sales to Active Listings Ratio: 17.7% (up from 13.5%)

1. Average Price: $962,653 (up 0.9%)

2. Active Listings: 1,681 units (up 3.8%)

3. Sales to Active Listings Ratio: 23.0% (up from 19.2%)

1. Average Price: $1,013,556 (up 5.6%)

2. Active Listings: 28,733 units (up 16.8%)

3. Sales to Active Listings Ratio: 15.6% (up from 14.6%)