A recent report from the BC Real Estate Association (BCREA) indicates a persistent downward trend in British Columbia's real estate market for November. Both the number of sales and the average sale price experienced a decline compared to the previous year, continuing a pattern observed throughout the year.
Key Takeaways
- November saw a significant drop in both unit sales and total sales dollar volume compared to the same period last year.
- Sales decreased across all regions in B.C., falling below historical averages for the month.
- The year-to-date total value of home sales is down 8 percent from 2024.
- The condominium market is expected to remain soft in the first half of 2026, presenting potential opportunities for well-prepared buyers.
November Sales Performance
The BCREA's Multiple Listings Service (MLS) recorded 5,052 sales in November. This represents a 24.9 percent decrease in BC MLS unit sales when compared to the ten-year average for November. The total MLS residential sales dollar volume amounted to $4.9 billion, marking a 14.5 percent reduction from the previous year.
The report highlights that sales declined in every region of the province, with figures falling even below historical averages for the month. Year-to-date, the cumulative value of home sales has reached $62.9 billion, an 8 percent decrease from the same period in 2024.
Condo Market Outlook
Looking ahead, a separate report from RE/MAX forecasts continued softness in the condominium market through the first half of 2026. The 2026 Canadian Condominium Report anticipates 2026 to be a "transition year" as buyers prepare for a potentially stronger market in 2027.
RE/MAX President Don Kottick suggested that 2026 could offer a "rare opportunity" for financially prepared first-time buyers and upsizers to enter the market at a lower price point. This window of opportunity is expected to last for approximately six months before inventory levels begin to tighten.
Nationally, condo sales in the first ten months of the year saw a substantial decrease compared to 2024. Specifically, the Fraser Valley experienced a drop of over 20 percent in condo sales, while Greater Vancouver saw an 11 percent decline. Prices in these regions also reportedly decreased by approximately six to seven percent.
Regional Outliers
Despite the overall market downturn, certain areas within British Columbia demonstrated resilience and outperformed the wider provincial market. Regions such as Squamish, Whistler, Pemberton, and Mission were noted for their stronger performance.
