Markets Remain in Balance Heading into Summer.
Vancouver, BC – June 13, 2024.
The British Columbia Real Estate Association (BCREA) reports that 8,075 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in May 2024, a 11.6 per cent decrease from May 2023. The average MLS® residential price in BC in May 2024 was down 1.5 per cent at $1 million, compared to an average price of $1.02 million in May 2023. The total sales dollar volume was $8.1 billion, a 13 per cent decline from the same time the previous year.
"Markets could not match the surge in home sales that occurred this time last year," said BCREA Chief Economist Brendon Ogmundson. "However, we are starting to see a pick-up in sales activity to more normal levels, which, combined with rising inventory, is helping to keep markets in balanced territory."
Year-to-date, BC residential sales dollar volume was up 2.7 per cent to $31.5 billion, compared with the same period in 2023. Residential unit sales were flat year-over-year at 31,573 units, while the average MLS® residential price was up 2.6 per cent to $997,899.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.