Houses for sale in Ottawa

The British Columbia Real Estate Association (BCREA) reports 3,979 residential unit sales were made in January this year, an increase of 29.4 per cent from the same time in 2023.

In January, B.C.’s average MLS residential price was up 10.5 per cent at $957,909 compared to the low-point for average prices over the past two years, $866,922.

 

Source: BCREA

 

Total sales volume

 

The association reports total sales volume was $3.8 billion, an increase of 42.9 per cent from the same time last year.

“Home sales are on a clear uptrend to start 2024,” BCREA’s chief economist, Brendon Ogmundson, notes. “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 is up year-over-year but remains relatively low by historical standards.

 

Looking ahead

 

New listing activity is potentially normalizing from the down year of 2023. BCREA notes this will be key in keeping markets balanced as sales ramp up.

 

Get more detailed statistics here.

 

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