The Association of Interior Realtors has released the latest Statistics for February 2024. Click on the image below to enlarge or PDF documents included in the links below.
Vancouver, BC – February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in January 2024, an increase of 29.4 per cent from January 2023. The average MLS® residential price in BC in January 2024 was up 10.5 per cent at $957,909 compared to an average price of $866,922, the low-point for average prices over the past two years. The total sales dollar volume was $3.8 billion, an increase of 42.9 per cent from the same time in the previous year.
“Home sales are on a clear uptrend to start 2024,” said BCREA Chief Economist Brendon Ogmundson. “A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines.”
The total number of active listings, though up year-over-year, remains relatively low by historical standards. New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate.
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“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
The Association of Interior Realtors has released the latest Statistics for January 2024. Click on the image below to enlarge or PDF documents included in the links below.
Vancouver, BC – January 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 First Quarter Housing Forecast Update today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent to 78,775 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,475 units
“In 2023, the housing market faced headwinds due to elevated mortgage rates, but the recent decline in fixed mortgage rates and potential Bank of Canada rate cuts present an optimistic outlook for 2024,” said Brendon Ogmundson, Chief Economist. “As we navigate through 2024, we expect a delicate balance between rising sales and normalizing inventories, which should lead to a relatively quiet year for prices.”
With substantial progress in bringing inflation back to 2 per cent and a softening in economic growth and employment, there is less necessity for monetary policy to remain stringent. Therefore, we anticipate the Bank of Canada will begin to lower its policy rate this year, leading to higher provincial home sales. The ultimate impact on prices hinges entirely on how inventory evolves this year. While risks to the economy remain, our view is that new listings normalize following a lull in activity last year. That normalization of new listing activity should result in a more balanced market this year with relatively stable pricing.
Click here to visit to BCREA’s website. To view other statistics for the Kamloops and BC real estate market click here.
If you want to be kept informed on Kamloops Real Estate, News and more visit our Facebook Page.
To search for Kamloops real estate and homes for sale click here.
“Copyright British Columbia Real Estate Association. Reprinted with permission.” BCREA makes no guarantees as to the accuracy or completeness of this information.
