B.C. real estate prices trending up, association says

B.C.’s real estate market appears to be seeing an uptick in prices.

The BC Real Estate Association (BCREA) says month-over-month, prices have picked up consistently for the past three.

The association says the rise is being reported in most markets, up over nine per cent since the start of 2023 province-wide.

However, they remain lower than they were at the same time last year.

Meanwhile, sales are also down year-over-year, but they are seeing a rebound on a monthly basis in some areas, including the Lower Mainland.

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BCREA Chief Economist Brendon Ogmundson points to a common issue: a lack of inventory.

“B.C. home sales have now risen for three consecutive months, but that recovery in sales has not been matched by listings which continue to fall well below normal levels,” said Ogmundson. “As a result, average prices across the province are once again rising, recovering much of the decline since prices peaked early last year.”

In the Fraser Valley, sales-to-active listings rose about 40 per cent in April 2023, compared to 33 per cent in April 2022.

However, in the Greater Vancouver market, the percentage of sales-to-active listings was reported at just over 31 per cent, compared to 35 per cent in April of last year.

Earlier this month, the Real Estate Board of Greater Vancouver said April home sales slid 16.5 per cent from a year ago, with listings remaining below historical norms.

It added the composite benchmark price for all residential properties in Metro Vancouver hit $1,170,700 last month, down more than seven per cent from a year ago, but up 2.4 per cent from March 2023.

The average sale price in both the Greater Vancouver and Fraser Valley topped $1 million in April 2023.