British Columbia's housing market began 2026 with a notable decrease in sales activity compared to the previous year. The British Columbia Real Estate Association (BCREA) reported a substantial drop in residential unit sales, marking one of the slowest January periods in nearly a decade. This trend was observed across most regions within the province, indicating a widespread cooling of the market.
Key Takeaways
- January 2026 saw a 22.9% decrease in residential unit sales compared to January 2025.
- The average MLS residential price declined by 1.9% year-over-year.
- Total residential sales dollar volume dropped by 24.4%.
- Active listings increased compared to the previous year.
January Sales Figures
The BCREA's latest report indicates that 3,314 residential units were sold in January 2026, a significant decrease from the 4,221 units sold in January 2025. BCREA chief economist Brendon Ogmundson described the start of 2026 as the "second weakest January since 2016," highlighting the market's sluggish performance. Sales in nearly all areas fell below historical averages.
Price and Volume Declines
Accompanying the drop in sales volume, the average Multiple Listing Service (MLS) residential price also saw a slight decrease. The average price fell by 1.9% from $942,384 in January 2025 to $924,239 in January 2026. The total residential sales dollar volume experienced a more significant decline of 24.4%, amounting to $3.06 billion compared to the same period last year.
Regional Performance and Listings
Provincially, MLS unit sales in January were approximately 30% lower than the ten-year average. The Greater Vancouver area exhibited the most substantial gap between current sales and the historical average. Despite the overall decline in sales, the number of active listings saw an increase, rising from 30,896 units in January 2025 to 32,626 units in January 2026. The BCREA remains optimistic about long-term demand growth, particularly concerning new home construction, and will continue to monitor market trends in the coming years.
