B.C. Interior real-estate market now favours buyers

Back in the fall, I wrote about the real estate market and, of course, everyone is asking what is happening in the market now?

So, I thought it might be time to look again and see what has changed. Using the same data I took another snapshot of the numbers for one week and this is what I found. (Not including recreational properties).

The numbers aren’t perfect—one week is not a lot of data—but it definitely tells a story.

This analysis examines the dynamics between new listings, existing inventory and completed sales, highlighting the balance or imbalance between supply and demand in different segments of the market. From entry-level to luxury homes, the distribution of active listings compared to sold properties is definitely showing us a few things. (this is only MLS data private sales are not included)

The real estate market in the B.C. Interior remains active but is skewed towards buyers, with a total of 6,873 existing listings and 194 sales recorded over a one-week period.

New listings vs. sales ratio:

• Total new listings: 475

• Total sales: 194

• New listings-to-sales ratio: 2.45

For comparison, the ratio during the last week of October 2024 was 1.63. The lower the number the better it is for sellers. If I only take the ratio into account, things are a little tougher if you are trying to sell right now in comparison to a few months back. That suggests that for every home sold, approximately 2.45 new homes were listed, indicating supply is currently exceeding demand and growing over time, a key characteristic of a buyer’s market.

Current listings vs. sales ratio:

• Total existing listings: 6,873

• Total sales: 194

• Current listings-to-sales ratio: 35.43

In October 2024 it was 26.63, again showing things are better now for buyers.

With a ratio of 35.43, the inventory significantly outweighs sales, reinforcing the buyer-friendly conditions, where more homes are available than buyers.

Price range breakdown

New listings distribution

• Under $250,000: 574 listings (8.35%)

• $250,001 - $500,000: 1,486 listings (21.62%)

• $500,001 - $1 million: 2,887 listings (42.00%)

• $1,000,001 - $2 million: 1,451 listings (21.11%)

• Over $2 million: 475 listings (6.91%)

Sales distribution

• Under $250,000: 25 sales (12.89%)

• $250,001 - $500,000: 46 sales (23.71%)

• $500,001 - $1 million: 93 sales (47.94%)

• $1,000,001 - $2 million: 27 sales (13.92%)

• Over $2 million: 3 sales (1.55%)

Listings to sales ratios by brice range

• Under $250,000: 22.96 - in October 2024 it was 20.32

• $250,001 - $500,000: 32.30 - in October 2024 it was 20.99

• $500,001 - $1million: 31.04 - in October 2024 it was 23.82

• $1,000,001 - $2 million: 53.74 - in October 2024 it was 37.9

• Over $2 million: 158.33 - in October 2024 it was 199.33

Market insights

• Lower-priced properties (under $250,000 and $250,001 - $500,000): Higher listing counts but relatively lower sales activity, suggesting a slower market in the budget segment.

• Mid-range properties ($500,001 - $1 million): The most active segment, with the highest number of listings and sales, reflecting strong demand, however there is still lots of excess supply and it is growing.

• High-end properties ($1,000,001 and above): This segment is significantly slower, with only 30 combined sales compared to 1,926 listings, suggesting longer days on market for luxury homes.

The British Columbia Interior real estate market appears to be in a buyer’s market, with new listings outpacing sales at a rate of 2.45:1 and total listings significantly outweighing transactions (35.43:1).

I also see the numbers are showing the market velocity is lower than it was a few months back. That being said however, this is typically the slowest time of year and an anticipated seasonal change for the better is expected.

If you are looking to sell, let’s hope the spring thaw warms up the market as well and if you are in the market to buy, it looks like you have a definite advantage, at least for now.

If you have suggestions for other real estate-related articles, please email me at: [email protected]

This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.