After a slow start to the year, the BC Real Estate Association (BCREA) anticipates a recovery in the housing market as interest rates decline, leading to a projected 4.4% increase in residential sales, reaching 76,300 units in 2024. The association notes that sluggish sales and an influx of new listings have resulted in the highest inventory of homes since 2019. Despite this, home prices are expected to rise 2% to an annual average of $990,500 by the end of the year, with the market likely to tighten further, driving average prices up to $1.02 million. The BCREA also forecasts continued growth into 2025, with residential sales expected to climb to 86,475 units.
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