British Columbia: Heading into the summer season, British Columbia’s real estate market appears to be gaining momentum, with an increase in listings observed last month. According to data from the B.C. Real Estate Association (BCREA), residential unit sales saw a
1.5 percent rise in April compared to the same period last year. Additionally, the average home price in the province surpassed the $1 million mark, up from $992,440 in April 2023. In the Greater Vancouver area, the average home price exceeded $1.3 million, while in Victoria, it stood at approximately $983,000.

BCREA’s chief economist, Brendon Ogmundson, noted that April witnessed a surge in new listings activity, marking the highest pace since 2021. Despite sales remaining slightly below normal levels, there has been a significant increase in total inventory, although it still falls short of long-term balance. Consequently, the market is entering the summer period with a sense of relative stability and an abundance of options for potential buyers.

The total number of active listings across the province reached 36,113 last month, representing a substantial 42.2 percent increase from April 2023’s figure of 25,392. Year-to-date residential sales in British Columbia have amounted to $23.4 billion, marking a 9.5 percent increase compared to the first four months of 2023.



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