B
ritish Columbia's real estate market kicked off the year with a modest boost, as January sales outpaced last year's numbers by 6.4 per cent. However, average prices took a slight dip, reflecting a more balanced market. According to the B.C. Real Estate Association, the surge in listings – up 27 per cent to nearly 31,000 – suggests a normalization of trends, with homes entering the market at a faster pace.

    While this uptick may signal a stronger year ahead, economists caution that global uncertainties could lead to rate fluctuations from the Bank of Canada. To maintain equilibrium and prevent price spikes, supply must keep pace with growing demand. The association's chief economist notes that an increase in both sales and listings is a promising sign, but also warns that market stability hinges on this delicate balance.

    Regional averages reveal varied trends: Northern B.C. saw prices rise 3.4 per cent to $396,187, while Chilliwack experienced a 3.7 per cent drop to $694,700. Greater Vancouver's average price fell 3.7 per cent to $1,208,415, and Okanagan's rose 2.7 per cent to $736,479. Kamloops' prices dipped 3.8 per cent to $536,082, while Kootenay's surged nine per cent to $505,729. South Peace River saw a significant increase of 30.5 per cent to $281,028, and Vancouver Island's average price rose 11.4 per cent to $722,305.