Vancouver, BC – November 25, 2024. The British Columbia Real Estate Association (BCREA) reports that 7,119 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in October 2024, up 33.5% from October 2023. The average MLS® residential price in BC in October 2024 was up 0.3% at $970,845 compared to an average price of $968,256 in October 2023.

The total sales dollar volume was $6.9 billion, a 33.8% increase from the same time the previous year. BC MLS® unit sales were 8% lower than the ten-year average for October.

“While it took longer than expected, a recovery in home sales to more normal levels has seemingly arrived,” said BCREA Chief Economist Brendon Ogmundson. “Across BC, we saw significant month-over-month increases in activity as buyers returned to the market after a long high-interest rate driven hiatus.”

Year-to-date, BC residential sales dollar volume is down 0.2% to $62.9 billion, compared with the same period in 2023. Residential unit sales are down by 1.1% year-over-year at 64,176 units, while the average MLS® residential price is up 0.9% to $980,280.

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Housing Markets Post Strong Rebound in October by Brendon Ogmundson | Chief Economist | BCREA