Is sanity returning to B.C. real estate market?

Nah, just kidding, but January numbers show a glimmer of balance

While real estate sales on Vancouver Island and the Interior showed large double-digit growth year over year in January 2025, it was double-digit shrinkage in the Fraser Valley and stagnant numbers in Greater Vancouver.

The Fraser Valley Real Estate Board and the Chilliwack Real Estate Board regions showed 13.3 per cent and 17.7 decreases in dollar volume of sales from January 2024 to January 2025 respectively, according to the British Columbia Real Estate Association (BCREA).

By far the largest board, the Greater Vancouver region saw a 4.9 per cent increase in sales volume.

Meanwhile, in the Okanagan sales were up 23.7 per cent, the Kootenays 30.1 per cent, Vancouver Island 37.9 per cent, Victoria 31.2 per cent, while the geographically large B.C. Northern district was up 11.1. per cent.

In totally, 4,221 residential unit sales were recorded in January 2025, up 6.4 per cent from January 2024. The total sales dollar volume was $4 billion, a 5.3 per cent increase from the same time the previous year, although sales were 12 per cent below the 10-year January average.

As for prices, they remained relatively stagnant in the Lower Mainland and most other areas with the exception of Vancouver Island (not including Victoria) where they were up 11.4 per cent from an average of $648,146 in January 2024 to $722,305 last month.

The average sale price of homes in the three Lower Mainland markets were as follows:
• Greater Vancouver – $1,208,415 (down from $1,255,107)
• Fraser Valley – $1,008,592 (down from $1,009,750)
• Chilliwack – $694,700 (down from $721,055)

“As expected, 2025 is off to a better start in most regions across BC,” said BCREA chief economist Brendon Ogmundson in a news release. “January’s pickup in sales and listings may foreshadow a stronger 2025, caveated by global uncertainties which may trigger higher or lower rates from the Bank of Canada.”

Active listings in January 2025 climbed to 30,896 units, a 27 per cent increase from the same month last year.

What do average prices get you at the two ends of the Lower Mainland?

Vancouver: For $1.2 million you could get a fifth floor apartment at 1111 Haro St. It's two bedrooms, two bathrooms in a corner unit in the West End near shops and restaurants in the downtown core. The building has a gym, theatre room, party room and games room. There is one parking spot and one locker.
• Size: 1,069 square feet
• Land size: 0
• Year built: 1994
• Property taxes: $3,116.58

Chilliwack: For $699,999 you could get a house at 45475 Bernard Ave. Described as a "starter home or investment property," the split-level house is three bedrooms, two bathrooms on the main floor with a basement and a fourth bedroom, large familly room and rec room. This is downtown near the hospital, shopping restaurants and the pool. There is also "ample" storage and "plenty" of parking spaces.
• Size: 2,287 square feet
• Land size: 7,200 square feet
• Year built: 1972
• Property taxes: $3,201.99

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Paul J. Henderson
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