B.C. housing market expected to rebound after sluggish sales

After a slow start to the year, home sales across the province are predicted to bounce back through the second half, according to the BC Real Estate Association.

The association says as interest rates fall, it expects there will be a rebound through the fall and winter. It says “sluggish sales” and new listings have made for a greater inventory of homes on the market — the highest inventory since 2019.

As a result, residential sales in B.C. are forecast to increase 4.4 per cent to 76,300 units this year.

“Market conditions have been trending near the lower end of what is traditionally defined as a balanced market. As such, average home prices have mostly trended sideways over the past year, with the notable exception of Greater Vancouver where the average price has returned to its 2022 peak,” the association said in its bi-annual report released Monday.

The association says it predicts that home prices in the province will rise two per cent to an annual average of $990,500 before the end of the year.

As that price rises, the association said, “We expect the market to tighten and for the average price in B.C. to rise 2.9 per cent to an average of $1.02 million.”

In 2025, residential sales are expected to increase to 86,475 units sold.