Vancouver, BC – August 13, 2024. The British Columbia Real Estate Association (BCREA) reports that 6,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in July 2024, a 2% decrease from July 2023. The average MLS® residential price in BC in July 2024 was down 0.8% at $959,480 compared to an average price of $967,298 in July 2023. The total sales dollar volume was $6.7 billion, a 2.9% decline from the same time the previous year. BC MLS® unit sales were 17% lower than the ten-year average for July.

“Home sales activity across BC remains below average, though with some emerging signs of volume starting to normalize,” said BCREA Chief Economist Brendon Ogmundson. “With the Bank of Canada now undoing the rate hikes that disrupted a recovery in 2023, activity should continue to pick up through the end of the year.”

Year-to-date, BC residential sales dollar volume is down 2.1% to $45.2 billion, compared with the same period in 2023. Residential unit sales are down by 3.8% year-over-year at 45,579 units, while the average MLS® residential price is up 1.8% to $991,606.

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Home Sales Up Slightly on Bank of Canada Rate Cuts by Brendon Ogmundson | Chief Economist | BCREA