The B.C. Real Estate Association says in a statement that the 4,221 residential sales in January were up 6.4% from January 2024, although unit sales were 12% below the 10-year average.
The association’s chief economist Brendon Ogmundson says an increase in both sales and listings may foreshadow a stronger year, with a caution that global uncertainties might trigger higher or lower rates from the Bank of Canada.
Active listings jumped by 27% to almost 31,000, in what the association says is a normalization of trends for homes being placed on the market.
The statement says it will be crucial for supply to keep pace with growing demand to see markets balanced and prevent a rampant price increase.
The average residential price on the Multiple Listing Service in B.C. last month was down about one per cent to $949,560 from $959,191 in January last year.
Here are some of the average sale prices around the province:
- Northern B.C.— $396,187, up 3.4%
- Chilliwack — $694,700, down 3.7%
- Greater Vancouver — $1,208,415, down 3.7%
- Okanagan — $736,479, up 2.7%
- Kamloops — $536,082, down 3.8%
- Kootenay — $505,729, up 9%
- South Peace River — $281,028, up 30.5%
- Vancouver Island — $722,305, up 11.4%
- Victoria — $986,258, up 5.3%
This report by The Canadian Press was first published Feb. 13, 2025.
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Last modified: February 13, 2025
