Provincial Housing Market Update (February 2024)

The British Columbia Real Estate Association is out with it's latest video update for the month of February 2024. See the video below or click here for a direct link.

Key points from the video include:

  • Home sales for the province being up 29% year-over-year to 3,979 sales and up 9% from December 2023 on a seasonally adjusted basis
  • In BC, active listings were up 11% year-over-year
  • New listings are beginning to normalize back to more typical figure levels
  • Still low inventory of homes for sale and an uptick in sales has kept markets in balanced territory in terms of a sales to active listings ratio that was at 16% for the province.
  • The average residential price for a home in BC was $958,000 which is up 10.5% year-over-year
  • The home price index for Vancouver was up 4.2% and in the Fraser Valley up 5% year-over-year
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