The British Columbia Real Estate Association (BCREA) reports that in October 2024, 7,119 residential unit sales were recorded through the Multiple Listing Service® (MLS®) Systems, marking a significant 33.5% increase compared to October 2023.
The average MLS® residential price in BC rose by 0.3%, reaching $970,845 in October 2024, up from $968,256 a year earlier. The total sales dollar volume for the month hit $6.9 billion, reflecting a 33.8% year-over-year rise. Despite these gains, October’s MLS® unit sales were 8% lower than the 10-year average for the month.
“While it took longer than expected, we are finally seeing a return to more typical levels of home sales,” said Brendon Ogmundson, BCREA Chief Economist. “Increased activity across the province is a clear sign that buyers are re-entering the market after a prolonged pause due to higher interest rates.”
Year-to-date, the residential sales dollar volume in BC is down slightly by 0.2%, totaling $62.9 billion compared to the same period in 2023. Residential unit sales have also dipped 1.1% year-over-year, totaling 64,176 units. However, the average MLS® residential price has risen by 0.9%, now at $980,280.
Source: BCREA
