Vancouver, BC – November 6, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Fourth Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 2.6 per cent to 75,000 units this year. In 2025, MLS® residential sales are forecast to strengthen further, rising 13 per cent to 84,500 units.
“Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.”
Although new listings activity has been much stronger than last year, the accumulation of inventory in 2024 had much more to do with a prolonged slump in home sales. With active listings returning to more healthy levels across BC, we expect that the market will be able to absorb the coming rise in sales activity without a sharp increase in prices. Therefore, the average price in BC is projected to rise by a modest 3.3 per cent in 2025, following flat prices in 2024.
Provided by: BCREA
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