B.C. real estate market ‘building momentum’ into 2025: association
Posted November 6, 2024 7:52 am.
The BC Real Estate Association (BCREA) says 2025 will see a big rebound in home sales.
The association expects sales will jump by more than 13 per cent next year following a flat 2024.
CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE!“Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson.
“In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.”
The association also forecasts the average sale price of a home will rise next year, provincially by about three per cent, but by only one per cent locally.
For Vancouver, the BCREA is forecasting an average listing price in the fall of 2025 to be around $1.3 million, with the average listing in the Fraser Valley to be around $1.05 million.
