BCREA Housing Market Update for March 2024

BCREA released it’s latest Housing Market Update for March of 2024. BC Real Estate Association Chief Economist Brendon Ogmundson discusses the February 2024 statistics.

Home sales were up in February by 15.3% over last year’s sales. This is about 10% below the 10 year average for February. Year over year, active listings were up 20.3% this is an increase from last year however the listing activity for 2023 was very slow. Last year we saw the slowest pace of new listings on the market in the province since 2005. The market in BC remains in the balanced territory but there is still a fairly low level of activity. The average price for BC homes sold in February was $988,000, that is up 4.7% year over year compared to an average price of $944,000 in February 2023. While prices are up from last year the trend in BC home prices is flat for the most part since the Summer of 2023.

In Kamloops we saw 163 sales in the month of February which is a 4.5% increase year over year. The average price was down 0.3% to $614,261. The number of active new listings has also increased 18.2% to 953 active listings in the area. This equates to 5.8 months worth of supply.

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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