British Columbia’s Housing Market Surge in Fall 2024

The fall of 2024 has rewritten the defining current for Canada’s real estate market, swimming against the usual seasonal slowdown. With sales numbers climbing and interest rate cuts driving buyer activity, the months of October, and November brought renewed energy to the housing market across Canada.

Real Estate in British Columbia has mirrored this trend – with good number of sales in the fall months, it appears the buyers are back in the market. Known for its stunning natural landscapes, thriving economy, high quality of life, and its diverse environment, British Columbia has long been one of the most sought-after provinces in the country. The province’s growing reputation as a hub for technology, film, and green industries, combined with its mild climate, continues to attract people from across Canada and around the world, contributing to its population growth and increasing demand for housing. In spite of having some of the highest numbers when it comes to average prices of homes, British Columbia residential units market has seen remarkable growth in the last two months.

Harshvardhan Singh, Manager Business Development at The Maple Realty shares, “It’s been amazing to see BC’s housing market so active this fall. October really kicked things off, and with more inventory and lower interest rates, it’s clear that buyers were not interested in waiting for spring to make their move.” Reflected in the numbers for the season, the Fall housing market defied expectations, with October leading the way in a surge of activity and November holding steady with strong year-over-year gains. It’s a clear sign that buyers are seizing the moment in an evolving market.

So what exactly has happened for the buyers looking for homes in British Columbia in September – November? Let’s find out.

The balance of September, the Surge of October, the Resilience of November.

The market in September saw lower sales numbers in comparison to August 2024, however, the overall average home prices still saw an increase in the month, along with great year-to-date totals. This drop was anticipated due to seasonal variation with the onset of fall.  However, with new listings coming into the market, along with the existing homes for sale on the active listings, the Sales to Active Listings (SALR) remained at around 13%.

Now, with October 2024, the impacts of the rate cuts by the Bank of Canada became evident as numerous buyers chose to finalize their home purchases and sales jumped to over 7,000 with SALR of almost 18%. October saw very significant numbers in “clearing out the stock” so to speak. The average prices also saw a jump between September and October from approximately CAD 940k to around CAD 970k. These sales increased by around 27% from September 2024 with a 33% jump year-over-year.

You would think that November probably “cooled off” and in comparison, to October – it did. With average home prices reaching almost CAD 980k, the number of sales dropped by almost 18% in comparison to October with sales of approximately 5800 units. However, the housing market of British Columbia stayed resilient in November. Although they declined month over month, home sales activity saw an increase of nearly 26%  year-over-year and a 5% growth from September 2024. In other words, the buyer’s quest for finding their homes was still going strong in November.

Let’s quickly compare total sales and active listings for September, October, and November in 2023 and 2024. Despite new listings being added, overall active listings in October 2024 declined by nearly 6% month-over-month and then dropped another 10% month-over-month in November 2024, highlighting strong buyer activity.

Let’s also see how this buyer activity reflected onto the total monthly sales amounts (CAD) and the year-to-date (YTD in CAD) amounts. Although September numbers for year-to-date were noticeably less for 2024 in comparison to the previous year, increased sales in October-November have contributed to the year-to-date values to increase by nearly 2% year over year in November – a direct indicator of the sales from the last 2 months.

So, why does this seem like an early Christmas gift?

The winter months are usually slower for both buyers and sellers in the housing market. While the Bank of Canada’s interest rate cuts were expected to stimulate sales activity, the substantial surge in transactions during the typically low-activity months of September to November came as an unexpected development.  With the high sales numbers, and a balanced number of new listings on the market, it seems that the market is not just active but is gearing up for a great closeout for 2024 and an active start to 2025.

Another reason for greater sales is the higher inventory on the market. As in the Sales and Active Listings figure, the active listings grew year-over year for all three months mentioned here. With added benefits of interest rate cuts and the availability of stock, the market conditions aligned perfectly for buyers to become active.

Now, let’s shift our focus a little and look to

British Columbia and its different regions for their respective growth.

Despite the addition of new listings, the Province has seen a notable decline in active listings in regions during October and November 2024.

Let’s check out the unit sales and active listing for specific areas in British Columbia.