Last month in British Columbia, there were 8,075 residential sales, 11.6 per cent less than the same time last year, according to the British Columbia Real Estate Association (BCREA).

Average price and total sales

B.C.’s average listing price in May was down to $1 million, a 1.5 per cent drop compared to the average price of $1.02 million in May 2023. As well, total sales dollar volume was down in the same period by 13 per cent, to $8.1 billion.

“Markets could not match the surge in home sales that occurred this time last year,” says BCREA chief economist Brendon Ogmundson. “However, we are starting to see a pickup in sales activity to more normal levels, which, combined with rising inventory, is helping to keep markets in balanced territory.”

Year-to-date

So far this year, B.C. residential sales dollar volume is up 2.7 per cent to $31.5 billion, compared with the same time in 2023. Residential unit sales were flat year-over-year at 31,573 units, and the average listing price was up 2.6 per cent to $997,899.

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