British Columbia’s once red-hot real estate market appears to be cooling.
Home sales are declining, according to a new report from the B.C. Real Estate Association. Residential home sales were down nearly 15 per cent this April from April 2024.
The BCREA reports that 6,453 residential unit sales were recorded in Multiple Listing Service Systems in April.
The average listing price was also down six per cent at about $943,000. The total sales volume was $6.1 billion, a nearly 20 per cent decrease from April 2024.
“Regional activity continued to diverge in April with more expensive regions experiencing a larger drop in sales activity,” said BCREA chief economist Brendon Ogmundson.
The BCREA says uncertainty about trade and monetary policy has caused trepidation for prospective buyers, largely in the Lower Mainland, prompting overall provincial activity to fall far below historical averages.
Year-to-date, B.C. residential sales dollar volume is down nearly 12 per cent to $20.7 billion, compared with the same period last year.
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