The BC Real Estate Association said in a statement that 4,221 residential sales in January rose 6.4% from January 2024, although unit sales were 12% lower than the 10-year average.
Brendon Ogmundson, the association’s chief economist, said the increase in sales and listings could signal a stronger year, and cautiously argued that global uncertainty could trigger Canada’s economy Banks have higher or lower interest rates.
The association said the positive list grew 27% to nearly 31,000, a normalization of housing trends in the market.
The statement said that supply is crucial to the supply, i.e., maintaining growing demand to balance the market and prevent prices from rampant.
The average residential price for multiple listed services in BC last month fell about 1% to $949,560 from $959,191 in January last year.
Here are some average selling prices in the province:
- Northern British Columbia – $396,187, up 3.4%
- Chili – $694,700, down 3.7%
- Greater Vancouver – $1,208,415, down 3.7%
- Okanagan – $736,479, up 2.7%
- Kamloops – $536,082, down 3.8%
- Kootenay – $505,729, up 9%
- South Peace River – $281,028, up 30.5%
- Vancouver Island – $722,305, up 11.4%
- Victoria – $986,258, up 5.3%
This report by Canadian media was first released on February 13, 2025.
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BCREA BRENDON OGMUNDSON British Columbia Real Estate Association Real Estate Area Canadian Press
Last modified: February 13, 2025
