British Columbia's housing market experienced a notable downturn in December, with both home sales and average prices declining by approximately 6%. This slump is largely attributed to a slowdown in the Lower Mainland region, impacting the overall provincial figures.
Key Takeaways
- Residential unit sales in B.C. fell 18.5% below the 10-year average for December.
- Average home prices decreased by 5.6% compared to the previous year.
- The Greater Vancouver area recorded the most significant sales drop among B.C. regions.
December Housing Market Performance
In December, British Columbia saw a total of 4,271 residential units sold, a figure that falls about 18.5% short of the 10-year average for the month. Concurrently, average home prices experienced a 5.6% decrease, settling around $952,000. This marks a decline from just over $1 million recorded in December 2024. The total value of home sales across the province also saw a reduction of 14.5% compared to the same period in the previous year, amounting to approximately $4.1 billion.
Regional Variations
The Greater Vancouver area was particularly affected, with 1,527 homes sold in December, representing a 12.5% decrease from the year prior. This was the most substantial drop reported among all regions in British Columbia. Victoria also experienced a downturn, with a 10.6% decline in sales, totaling 346 homes sold last month. In contrast, the Okanagan region showed resilience, with a 7.7% increase in residential transactions, reaching 476 sales.
Economic Outlook and Future Prospects
Brendon Ogmundson, chief economist for the B.C. Real Estate Association, commented that sales across the province are "recovering at different rates" following economic uncertainty, partly influenced by external factors such as U.S. tariffs. Realtors are expressing optimism for increased stability in 2026, which they hope will lead to a strengthening of housing demand.
