B.C.’s real estate market about to heat up as listings increase: BCREA

With the Bank of Canada expected to drop interest rates next month, it seems B.C.’s real estate market is beginning to pick up.

The BC Real Estate Association (BCREA) says the number of listings continues to rise as people look to make some changes.

In its latest report released Wednesday, the group says the total number of active listings in B.C. rose more than 42 per cent from April 2023 to April 2024, to a total of 36,113 listings.

The City of Victoria, the Okanagan, and Greater Vancouver saw the most amount of residences come onto the market. Victoria has 51 per cent more listings in April 2024 than during the same time last year.

With the increase in listings, the BCREA says there were almost 7,570 residences sold in April this year, up 1.5 per cent from April 2023.

The BCREA says the value of total sales on a year-over-year basis is also up, to $7.6 billion — an increase of three per cent from the same time last year.

“April was an above-average month for new listings activity, registering the highest pace since 2021,” said BCREA Chief Economist Brendon Ogmundson.

“Sales are still slightly below normal, which has led to a substantial increase in total inventory, though at a level still far below long-run balance. Ultimately, the market is heading into the summer in a state of relative calm with much more choice for buyers.”

The association says the average price of a residence in B.C. last month was $1 million, up 1.4 per cent from April 2023 which had an average price of $992,440.

Meanwhile, the average price of a residence in Greater Vancouver sits at $1.3 million, with the Fraser Valley seeing an average of $1.05 million.