BCREA: BC Housing Market Resilient Despite High Rates

The British Columbia Real Estate Association (BCREA) recently released its 2023 Third Quarter Housing Forecast Update, forecasting Multiple Listing Service® (MLS®) residential sales to decline 2.8% to 78,640 units this year. Prices have been resilient, with average prices in BC varying widely throughout the year and reaching just over $1 million in May. For 2024, MLS® residential sales are forecast to post a modest rebound, rising 6.1% to 83,425 units, while prices are expected to rise 2.4% to an annual average of just over $1 million.