{"id":23403,"date":"2024-02-14T10:10:00","date_gmt":"2024-02-14T18:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23403"},"modified":"2024-02-13T09:58:11","modified_gmt":"2024-02-13T17:58:11","slug":"bcrea-a-steady-pace-of-new-inventory-for-keeping-housing-market-balanced-as-activities-accelerate","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/02\/bcrea-a-steady-pace-of-new-inventory-for-keeping-housing-market-balanced-as-activities-accelerate\/","title":{"rendered":"BCREA A Steady Pace of New Inventory for Keeping Housing Market Balanced as Activities Accelerate"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in January 2024, an increase of 29.4% from January 2023. The average MLS\u00ae residential price in BC in January 2024 was up 10.5% at $957,909 compared to an average price of $866,922, the low-point for average prices over the past two years. The total sales dollar volume was $3.8 billion, an increase of 42.9% from the same time in the previous year.<\/p>\n<p style=\"text-align: justify;\">&#8220;Home sales are on a clear uptrend to start 2024,&#8221; said BCREA Chief Economist Brendon Ogmundson. &#8220;A sharp decline in fixed mortgage rates and expectations for future Bank of Canada rate cuts is driving sentiment in the market and bringing pent-up demand off the sidelines.&#8221;<\/p>\n<p style=\"text-align: justify;\">The total number of active listings, though up year-over-year, remains relatively low by historical standards. New listings activity has shown signs of normalizing following a down year in 2023. A steady pace of new inventory will be crucial in keeping markets balanced as sales accelerate.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2024-01.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/housing-market-activity-picks-up-to-start-2024\/\" target=\"_blank\" rel=\"noopener\">Housing Market Activity Picks Up to Start 2024<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 February 13, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 3,979 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/02\/bcrea-a-steady-pace-of-new-inventory-for-keeping-housing-market-balanced-as-activities-accelerate\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-23403","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BCREA A Steady Pace of New Inventory for Keeping Housing Market Balanced as Activities Accelerate &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/02\/bcrea-a-steady-pace-of-new-inventory-for-keeping-housing-market-balanced-as-activities-accelerate\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BCREA A Steady Pace of New Inventory for Keeping Housing Market Balanced as Activities Accelerate &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 February 13, 2024. 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