B.C. housing market ‘relatively calm’ moving into spring: BCREA
Posted March 13, 2024 10:57 am.
The province’s real estate market continues to bounce back, although home sales are still below the 10-year average, according to the BC Real Estate Association.
The association says Wednesday the local market “is in a period of relative calm entering the spring,” adding with a slowdown in sales, active listings are up more than 20 per cent compared to last year.
“While activity is picking up, home sales remain below normal, and home prices have been essentially flat since last summer,” BCREA Chief Economist Brendon Ogmundson explained.
The BCREA notes there’s also been a recovery in new listings between January and February after “a very slow year for listings activity in 2023.”
“Last year was the slowest pace of new listing activity since 2005,” the association added.
In February, the BCREA said there was a sales increase of 15.3 per cent over the same month last year. The average price, meanwhile, was also up — 4.7 per cent — to $987,798.
