BC Real Estate Market Normalizes with Strong November Sales

November Highlights

The BC real estate market saw a robust close to 2024, with buyer demand continuing to rise and sales normalizing. According to the British Columbia Real Estate Association (BCREA), 5,841 residential sales were recorded through the MLS® system in November—a 25.7% increase from the same month in 2023. This activity signals a strong foundation for the market heading into 2025.

The average residential price in BC increased by 1.7% year-over-year to $979,221. Meanwhile, total sales volume climbed to $5.7 billion, up 27.8% compared to November 2023. Despite these gains, sales remained 12% below the 10-year average for November, reflecting a market that is stabilizing after several dynamic years.

Source: BCREA

Key Regional Insights

• Greater Vancouver: Sales jumped by 28.7%, with 2,181 units sold at an average price of $1,276,716.

• Fraser Valley: Home sales increased by 30.2%, with an average price of $1,033,199.

• Vancouver Island: Sales rose 15.2%, with an average price of $728,551.

• Okanagan: The region saw a 27% rise in sales, despite a 6.2% dip in the average price to $710,298.

A Positive Outlook for 2025

BCREA Chief Economist Brendon Ogmundson highlighted the positive trajectory: "Home sales across the province continued the normalizing trend that began in October. The surge in activity this fall sets up 2025 for a much stronger start than we’ve seen in the last two years."

Year-to-date figures also indicate growth, with total residential sales reaching $68.6 billion, up 1.6% from 2023. The average home price has also increased slightly, sitting at $980,055 across the province.

Conclusion

The BCREA’s latest report underscores a stabilizing BC real estate market with rising buyer activity and steady prices. Whether you’re buying, selling, or investing, the market offers promising opportunities as we enter the new year.

For detailed insights or advice on navigating the current market, feel free to reach out!