Select Page

B.C. housing market should rebound, according to Q2 forecast: BCREA

Share this article:

The British Columbia Real Estate Association (BCREA) released its 2024 Second Quarter Housing Forecast yesterday.

This year, sales in the province are forecast to increase by 7.8 per cent to 78,130 units, while the association expects sales in 2025 to rise 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,” says the BCREA’s chief economist, Brendon Ogmundson.

”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.”


The issue of price growth and supply


The association notes that with affordability challenges and prices increasing in recent months, new listings supply will need to keep up with sales. They’re confident that listings will rebound from an almost record low in 2023, which will help keep average price growth to about 1 to 2 per cent this year.


Forecast by area


Here’s how the unit sales and average price forecast looks by area.


Source: BCREA Economics


Check out the full interactive housing forecast here.


Share this article: