In British Columbia last month, there were 8,075 residential sales, a decrease of 11.6% compared to the same period last year, as reported by the British Columbia Real Estate Association (BCREA).
Average price and total sales
The average listing price in B.C. for May dropped to $1 million, a 1.5% decrease from the average price of $1.02 million in May 2023. Additionally, the total sales dollar volume decreased by 13% to $8.1 billion during the same period.
“Markets were unable to match the high home sales from last year,” stated BCREA chief economist Brendon Ogmundson. “However, there is a noticeable increase in sales activity towards more typical levels, along with a rise in inventory, helping to maintain balanced markets.”
Year-to-date
Up to now this year, B.C. residential sales dollar volume has increased by 2.7% to $31.5 billion compared to the same period in 2023. Residential unit sales remained steady year-over-year at 31,573 units, and the average listing price rose by 2.6% to $997,899.
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