To view the full interactive BCREA Housing Forecast, click here.
To view the BCREA Housing Forecast PDF, click here.

BCREA 2024 Fourth Quarter Housing Forecast

Vancouver, BC – November 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Fourth Quarter Housing Forecast today.  

Multiple Listing Service^® (MLS^®) residential sales in BC are forecast to increase 2.6 per cent to 75,000 units this year. In 2025, MLS^® residential sales are forecast to strengthen further, rising 13 per cent to 84,500 units.

“Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.” 
 
Although new listings activity has been much stronger than last year, the accumulation of inventory in 2024 had much more to do with a prolonged slump in home sales. With active listings returning to more healthy levels across BC, we expect that the market will be able to absorb the coming rise in sales activity without a sharp increase in prices. Therefore, the average price in BC is projected to rise by a modest 3.3 per cent in 2025, following flat prices in 2024.

For more information, please contact: Gino Pezzani.

November always sneaks up on me, bringing with it a mix of quiet reflection and the buzz of holiday preparations. There’s a certain comfort in the rituals—pulling out that well-worn sweater, brewing a pot of something warm, and finding a moment to breathe amid the bustle.

I’ve been thinking a lot about how we each create our own version of cozy. For me, it’s the simple acts—turning off the phone for a bit, catching up on a good book, or just sitting down with a cup of tea and watching the world outside. It’s in those small pauses that I find the most meaning, and I hope you’re finding your own ways to carve out those moments, too.

This season, I’m not just grateful for the big things, but for the little ones that make up the tapestry of our everyday lives. The quiet chats, the shared smiles, the feeling of home—even if it’s just the place where you feel most at ease.

Here’s to finding those pockets of peace and savoring them, however they come.

Sincerely,

Gino Pezzani

Thomas Edison, the genius behind the light bulb, batteries, and motion pictures, also had a knack for revolutionizing job interviews. Imagine being interviewed by the man himself.

Sounds electrifying, right?

Edison wasn't your typical mad scientist working alone in a secret lab. With more than 10,000 employees throughout various companies, he needed the best minds for his cutting-edge projects. Enter the Edison Tests — detailed questionnaires that went far beyond mere technical skills.

Edison’s interviews were anything but ordinary. Picture this: He serves you a bowl of soup. If you salt it before tasting, then he marks you as someone who jumps to conclusions — definitely not what he wanted in a meticulous researcher.

Back in his day, employers rarely considered personality fit. Edison, however, was ahead of his time. His 140-question test required a whopping 90% to pass. In 1921, only 32 of 718 candidates succeeded. Even Einstein stumbled on this one!

Edison might have also accidentally invented news leaks. After his test was leaked to The New York Times, he had to rewrite the whole thing. Talk about unintended innovation!

Edison’s approach to hiring — blending technical know-how with personality insights — has shaped today’s job interview.

So next time you're prepping for an interview, remember: You might have Edison to thank for those quirky questions!

Sailing ships were the cutting-edge technology of the 18th century, and the shipbuilding boom spawned many phrases we still use today.

Loose cannon: Today, an unpredictable person. Then, a literal unsecured big iron tube that was going to hit something and cause a lot of pain. 

Batten down the hatches: Today, get ready for trouble. Then, literally get an iron bar to cover the door of a ship for terrible weather.

All hands on deck: Today, there's a problem and we need everyone here now. Then, it was the same, except on an actual ship's deck.

Show one's true colors: Today, a dishonest person who reveals who they really are. Then, a ship flying a fake flag to confuse enemies; pretty much the same thing.

Learn the ropes: Today, learn the rules and skills of a job. Then, literally learn how to tie and use ropes.

Canadian real GDP was essentially unchanged in August, following a 0.1 per cent increase in July. Service-producing industries grew by 0.1 per cent, while goods-producing industries fell by 0.4 per cent, reaching their lowest level since December 2021. Manufacturing was the largest detractor from growth for August, driven by both durable (-1.0 per cent) and non-durable goods (-1.4 per cent). The public sector saw its eighth consecutive month of growth (0.2 per cent), while utilities contracted by 1.9 per cent after three consecutive months of growth. Retail trade rose for the second month in a row by 0.6 per cent, while mining, quarrying, and oil and gas extraction (+0.6 per cent), and finance and insurance (+0.5 per cent) also contributed to growth. Rail lockouts resulted in a 7.7 per cent decline in rail transportation, causing a 0.3 per cent decline in the overall transportation and warehousing sector for August. Finally, GDP for real-estate offices and agents was up 0.7 points month-over-month. Preliminary estimates suggest that real GDP grew by 0.3 per cent in September, contributing to a 0.2 per cent estimate for GDP growth in the third quarter of 2024.

Despite exhibiting growth in 12 of 20 overall industries, the Canadian economy remained at virtually the same level of output compared to July. These findings further justify the Bank of Canada's decision to cut the overnight rate by 50 basis points earlier this month. However, a strong preliminary estimate for September suggests a potentially stronger economy in the final quarter of 2024 amidst the Bank's cutting cycle. Steady, positive monthly growth, accompanied by headline CPI settling around its 2% target range, would suggest a return to a more gradual pace of rate cuts by the Bank of Canada, though the door remains open to more aggressive moves if October inflation and jobs data show continued weakness. 

https://mailchi.mp/bcrea/monthly-economic-growth-august-2024

For more information, please contact: Gino Pezzani.