Home Sales Up Slightly on Bank of Canada Rate Cuts.
Vancouver, BC – August 13, 2024.
The British Columbia Real Estate Association (BCREA) reports that 6,943 residential unit sales were recorded in Multiple Listing Service®(MLS®) Systems in July 2024, a 2 per cent decrease from July 2023.
The average MLS® residential price in BC in July 2024 was down 0.8 per cent at $959,480 compared to an average price of $967,298 in July 2023. The total sales dollar volume was $6.7 billion, a 2.9 per cent decline from the same time the previous year. BC MLS® unit sales were 17 per cent lower than the ten-year average for July.
Home sales activity across BC remains below average, though with some emerging signs of volume starting to normalize,” said BCREA Chief Economist Brendon Ogmundson. “With the Bank of Canada now undoing the rate hikes that disrupted a recovery in 2023, activity should continue to pick up through the end of the year.”
Year-to-date, BC residential sales dollar volume is down 2.1 per cent to $45.2 billion, compared with the same period in 2023. Residential unit sales are down by 3.8 per cent year-over-year at 45,579 units, while the average MLS® residential price is up 1.8 per cent to $991,606.
