Vancouver, BC – July 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,082 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in June 2024, a 19% decrease from June 2023. The average MLS® residential price in BC in June 2024 was up 1% at $998,159 compared to an average price of $988,632 in June 2023. The total sales dollar volume was $7.1 billion, an 18% decline from the same time the previous year. BC MLS® unit sales were 24% lower than the ten-year average for June.

“Sales activity in June was much softer than the same time last year, with June of 2023 representing the market peak following last summer’s pause in rate hikes,” said BCREA Chief Economist Brendon Ogmundson. “However, both sales and active listings continue to gradually inch upwards, keeping the market in balanced territory.”

Year-to-date, BC residential sales dollar volume was down 2% to $38.6 billion, compared with the same period in 2023. Residential unit sales were down by 4.1% year-over-year at 38,639 units, while the average MLS® residential price was up 2.3% to $997,883.

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Home Sales Continue at Below Average Pace in June by Brendon Ogmundson | Chief Economist | BCREA