Vancouver, BC – September 11, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,943 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in August 2024, a 10% decrease from August 2023. The average MLS® residential price in BC in August 2024 was down 1.7% at $938,500 compared to an average price of $955,063 in August 2023.

The total sales dollar volume was $5.6 billion, an 11.5% decline from the same time the previous year. BC MLS® unit sales were 22% lower than the ten-year average for August. “After some encouraging signs of recovery in early summer, sales slowed again in August,” said BCREA Chief Economist Brendon Ogmundson. “However, with the Bank of Canada lowering rates for a third consecutive time and with fixed mortgage rates falling, we expect market activity to pick up in the fall.”

Year-to-date, BC residential sales dollar volume is down 3.3% to $50.8 billion, compared with the same period in 2023. Residential unit sales are down by 4.6% year-over-year at 51,505 units, while the average MLS® residential price is up 1.4% to $985,609.

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Sales Slow in August, but Falling Rates Should Drive Activity Higher in The Fall by Brendon Ogmundson | Chief Economist BCREA