Vancouver, BC – April 15, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2024, a decline of 9.5% from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5% at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6% from the same time the previous year.

“March capped off a slow start to the first quarter of 2024,” said BCREA Chief Economist, Brendon Ogmundson. “Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market.”

Year-to-date, BC residential sales dollar volume was up 13% to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4% to 15,938 units, while the average MLS® residential price was up 6.5% to $995,149.

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Pent-up Demand Continues to Build as Sales Remain Slow by Brendon Ogmundson | Chief Economist | BCREA