BC real estate listings, prices rise in April: BCREA

The British Columbia real estate market is likely to pick up heading into the summer, as the number of listings in the province increased last month.

Data shared by the BC Real Estate Association shows that residential unit sales rose 1.5 per cent in April, compared to April 2023. The average price for a home in BC also rose, hitting the $1 million mark, up from an average price of $992,440 in April last year. In the Greater Vancouver area, the average price for a home was just over $1.3 million last month, while in Victoria it was around $983,000.

“April was an above-average month for new listings, with the fastest pace since 2021,” BCREA chief economist Brendon Ogmundson said in a statement.

“Sales are still slightly below normal, which has led to a substantial increase in total inventory, although at a level that is still well below the long-term balance. Ultimately, the market heads into the summer in a state of relative calm with much more choice for buyers.”

Active listings in the province reached 36,113 last month, BCREA data shows. In 2023, active listings were 25,392 in April, a 42.2 percent change.

According to BCREA, residential sales in BC have reached $23.4 billion so far this year, up 9.5 per cent from the first four months of 2023.