Vancouver, BC – October 15, 2024. The British Columbia Real Estate Association (BCREA) reports that 5,579 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in September 2024, up a little under 1% from September 2023. The average MLS® residential price in BC in September 2024 was down 2.8% at $942,969 compared to an average price of $969,907 in September 2023.

The total sales dollar volume was $5.3 billion, a 2.1% decline from the same time the previous year. BC MLS® unit sales were 25% lower than the ten-year average for September.

“Thus far, falling mortgage rates have not had the expected impact on home sales,” said BCREA Chief Economist Brendon Ogmundson. “That said, there has been interesting regional variation with markets on Vancouver Island and in the North recording more historically normal activity while the Lower Mainland and parts of the Interior lag behind.”

Year-to-date, BC residential sales dollar volume is down 3.2% to $56 billion, compared with the same period in 2023. Residential unit sales are down by 4.1% year-over-year at 57,069 units, while the average MLS® residential price is up 1% to $981,393.

Click here for the complete news release, including detailed statistics.

Regional Disparities Emerging in BC Housing Market Activity by Brendon Ogmundson | Chief Economist | BCREA