British Columbia Housing Market Report

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In July 2024, the BC housing market saw residential real estate prices decline slightly, with sales activity below historical average levels.

As of July 2024, the average home price in the province stands at $959,480. This represents a monthly decrease of 3.9% and an annual decrease of 0.9%. The benchmark home price in British Columbia has declined to $977,900, 0.4% lower month-over-month and 1.8% lower year-over-year.

Home sales in British Columbia have also decreased. 6,943 sales were recorded in July 2024, marking a 2.1% decrease year-over-year and down by 2.0% month-over-month. That’s 17% lower than the 10-year average for the month of July.

What hasn’t decreased, and has instead increased significantly, are active listings and inventory in BC’s housing market. There were 42,304 homes on the market in July 2024, up 35% year-over-year. Compared to slowing sales activity, BC’s sales-to-active listings ratio has slumped to 16.4%, down from 22.6% last year.

Greater Vancouver continues to be a significant driver of the British Columbia housing market. The average home price in Greater Vancouver for July 2024 is $1,280,879, reflecting a 1% 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 had mostly stayed the same compared to June 2024, although Powell River has turned into a balanced market.

View Home Listings in BC

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View Home Listings in BC

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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: $425,170 (down 2.5% from July 2023)

2. Active Listings: 2,182 units (down 2.5%)

3. Sales to Active Listings Ratio: 19.5% (up from 16.8% in July 2023)

1. Average Price: $748,028 (up 6.2%)

2. Active Listings: 1,282 units (up 21.7%)

3. Sales to Active Listings Ratio: 18.3% (down from 21%)

1. Average Price: $1,018,235 (up 1.1%)

2. Active Listings: 7,411 units (up 45.5%)

3. Sales to Active Listings Ratio: 15.9% (down from 25.6%)

1. Average Price: $1,280,879 (up 1%)

2. Active Listings: 14,326 units (up 39.1%)

3. Sales to Active Listings Ratio: 16.3% (down from 23.7%)

1. Okanagan Average Price: $776,033 (up 0.1%)

2. Kamloops Average Price: $612,665 (down 0.8%)

3. Active Listings: Okanagan (6,793 units, up 42.8%), Kamloops (1,465 units, up 33.3%)

4. Sales to Active Listings Ratio: Okanagan (12.3%), Kamloops (16.1%)

1. Average Price: $549,896 (up 3.6%)

2. Active Listings: 1,815 units (up 19.5%)

3. Sales to Active Listings Ratio: 16.4% (up from 17.4%)

1. Average Price: $547,850 (down 17.9%)

2. Active Listings: 229 units (up 38%)

3. Sales to Active Listings Ratio: 10.5% (down from 15.7%)

1. Vancouver Island Average Price: $734,971 (down 0.3%)

2. Victoria Average Price: $980,850 (down 5.2%)

3. Active Listings: Vancouver Island (4,020 units, up 34.8%), Victoria (2,698 units, up 43.6%)

4. Sales to Active Listings Ratio: Vancouver Island (17.7%), Victoria (23.1%)