British Columbia's housing market is experiencing a substantial slump, with sales declining across all regions of the province. The B.C. Real Estate Association (BCREA) has confirmed a significant drop in residential unit sales compared to the previous year, indicating a challenging period for the market.
Key Takeaways
- Sales are down across every region in British Columbia.
- Year-over-year sales volume has decreased significantly.
- Average prices have seen a slight decline.
- Specific areas like Powell River and Chilliwack are experiencing the steepest drops.
Provincial Sales Decline
In February, the province saw just over 4,500 residential units sold, representing a nearly 10 percent decrease from the same month last year. BCREA Chief Economist Brendon Ogmundson noted that this trend of declining sales is consistent across all regions.
Financial Impact on the Market
The dollar volume for residential sales has also taken a hit, falling by 17.8 percent year-to-date to $7.3 billion when compared to the first part of 2025. Overall residential unit sales are down 15.8 percent year-over-year, with 7,832 units sold. The average Multiple Listing Service (MLS) residential price has seen a modest decrease of 2.4 percent, now standing at $929,323.
Regional Performance
Certain areas within British Columbia are experiencing more pronounced declines. Powell River recorded the largest drop in sales, with a 35 percent decrease compared to the previous year. Chilliwack followed closely with a nearly 35 percent reduction in sales over the same period. The Kootenays also saw a significant downturn, with sales falling by 29 percent.
Even major markets like Greater Vancouver were not immune, with just over 1,600 unit sales in February, marking an almost 9 percent drop from the previous year. Ogmundson expressed hope that improving affordability and stable interest rates might encourage more buyers to enter the market later in the year, potentially boosting sales activity.
