BC Real Estate Market Shows Stability as Summer Nears

The British Columbia Real Estate Association (BCREA) reports that 8,075 residential units were sold in May 2024, an 11.6% decrease from May 2023. The average MLS® residential price dropped 1.5% to $1 million compared to the previous year's $1.02 million. Total sales dollar volume for May 2024 was $8.1 billion, down 13% year-over-year.

BCREA Chief Economist Brendon Ogmundson noted, "Markets could not match the surge in home sales from last year, but rising inventory and a return to normal sales levels are keeping markets balanced."

Year-to-date figures show a 2.7% increase in residential sales dollar volume to $31.5 billion, with stable unit sales at 31,573 and a 2.6% rise in the average residential price to $997,899.

Overall, BC's real estate market is stabilizing, heading into summer with balanced conditions.