The latest new home registration data from BCHousing reveals a mixed bag for the B.C. housing market. While overall registrations are up slightly year-to-date, single-detached home registrations continue a downward trend.
Single Detached Homes See Decline
The report shows a 2.1% decrease in single-detached home registrations for the first three months of 2024 compared to the same period in 2023. This decline continues into March, with a 5.7% decrease in registrations for single-detached homes compared to March 2023.
Multi-Unit Market Heats Up
The data offers a brighter outlook for the multi-unit market. Registrations for multi-unit homes, which include condos, townhouses, and apartments, increased by 3.9% year-to-date compared to 2023. March 2024 saw a significant 19.6% increase in multi-unit registrations compared to March 2023.
Rental Market Gains Momentum
The report highlights a surge in purpose-built rental registrations. So far in 2024, there's been a 0.3% increase in purpose-built rental units registered compared to the same period in 2023. Notably, March 2024 saw a significant increase of 89.9% in registered rental units compared to March of last year.
Metro Vancouver Remains a Hotbed
Metro Vancouver continues to be the dominant force in the provincial housing market. In March, 59.6% of all new homes were registered in the region, with Surrey, Langley, and Vancouver leading the pack.
Looking Ahead
While the decline in single-detached home registrations suggests a softening market, the robust multi-unit and rental markets indicate a continued demand for housing, particularly in high-density areas.
Your Local Experts
As the B.C. housing market continues to evolve, Coldwell Banker Horizon Realty is here to guide you through the process. Our experienced agents can help you navigate the complexities of buying, selling, or investing in a property. Contact us today to discuss your real estate needs!
Sources:
- British Columbia Housing: New Homes Registry Report - March 2024
