B.C. home sales decline amid economic uncertainty

Our province’s once red-hot real estate market appears to be cooling.

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.

Sales are even slower in the Fraser Valley, which is down about 30 per cent.

“I haven’t seen a drought last this long. This is actually the most challenging market I’ve seen,” said Caleigh Anderson, a Langley Realtor with RE/MAX.

While sales are declining, the inventory is piling up.

“For every 100 homes, only 10 are selling in a given month, which is very low. So you really do have to be priced well, or you’re just not going to sell,” said Anderson.

Homes in the Fraser Valley are taking about 30 days to sell on average.

“We’re seeing the highest levels of inventory in about the past decade,” said Ogmundson.

Experts say it’s a good opportunity for first time homebuyers.

“It’s not stressful, we’re putting in full subjects for buyers. They’re getting their home inspection. They’ve got lots of time to verify their finances. They feel comfortable because they’ve seen so many homes,” said Anderson.

She has this advice for anyone looking to sell: “You’ve got to be priced well and realistic with your price, or just hang on to it for a bit until the market starts to improve. Because the quality of listings I’m starting to see now hit the market are a lot better.”

If you’re not willing to budge on your price, she suggests making significant improvements to your property.

“We’re seeing overpriced listings still, because sellers are trying to get those high prices that their neighbors got three years ago, and it’s just not a reality, considering what’s going on in the economy right now,” said Anderson.