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Slow Start, Strong Finish: BC Housing Market Expected to Rebound

Published on April 25, 2024

BCREA 2024 Second Quarter Housing Forecast

Vancouver, BC – April 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent to 78,130 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,480 units.

 

“After a slow start for the housing market in 2024, all eyes are on the Bank of Canada. Although fixed mortgages are down significantly, it appears that buyer confidence is hinging on seeing the Bank lower its policy rate,” said Brendon Ogmundson, Chief Economist. ”Given weak economic growth, a slowing labour market, and a downward trend in inflation, we expect that the Bank will begin to loosen monetary policy this summer, which should spur some pent-up demand off the sidelines.”

With prices starting to trend up in recent months, it will be crucial for the supply of new listings to keep pace with sales to contain price growth at a time when affordability has never been more challenging. We are confident that listings activity will rebound from a near-record low in 2023, which will help keep average price growth in a 1 to 2 per cent range this year.

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