B.C.’s Lower Mainland housing market wrapped up a dismal year for the sector with another tepid performance in December. Local real estate board data showed an 11.5 per cent drop in home sales in the region spanning Metro Vancouver through the Fraser Valley to 2,378 units. Seasonally adjusted sales fell 4.3 per cent from the prior month. Same-month sales were lowest since 2023, and nearly 20 per cent below the 10-year average for the month. The average price fell 6.3 per cent year over year to $1.127 million, with seasonally adjusted values down 2.4 per cent month over month. Average price levels have largely been range-bound since 2023, and 13 per cent below the early 2022 peak.

On a full-year basis, regional home sales fell 12.5 per cent for the year to 35,350 units, marking the lowest level since 2000, while the average price declined 3.4 per cent to $1.165 million. The lack of volume is particularly dismal when compared to growth in the population base.

We remain of the view that........

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