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Home Buying, Market Intelligence, Real Estate News |
May 15, 2024
Exploring the BC real estate market can be tricky. However, understanding the current market landscape can help you make well-informed decisions.
Increased Listings and Balanced Sales
The BC Real Estate Association’s latest report reveals a significant uptick in active listings. They have risen over 42% from April 2023 to April 2024. This influx means more options for buyers, especially in popular areas like Victoria, the Okanagan, and Greater Vancouver. Despite this increase, sales remain steady. Nearly 7,570 residences were sold in April 2024, up 1.5% from the previous year.
Insights and Market Outlook
BCREA’s Chief Economist, Brendon Ogmundson, notes a notable increase in new listing activity. This suggests a healthy market pace. While sales are slightly below average, the growing inventory provides buyers with more choices. As we head into the summer, the market appears calm, offering a favorable environment for buyers.
Price Trends and Regional Highlights
The average price of a residence in BC edged up to $1 million in April 2024, a modest 1.4% increase from the previous year. In areas like Greater Vancouver and the Fraser Valley, prices remain higher, reflecting strong demand. The Fraser Valley saw a slight price increase, indicating ongoing market activity.
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