B.C. home sales decline amid trade war

Housing activity slowed in the province last month due to uncertainty surrounding the U.S. trade war.

It appears the uncertainty looming around tariffs is impacting B.C.’s real estate market.

The British Columbia Real Estate Association says housing activity slowed last month. According to a new report, residential home sales were down nearly 10 per cent last month compared to the year prior.

The average Multiple Listing Service residential price in B.C. was also down 2.4 per cent to $964,349 compared to $987,811 in February 2024.

Total sales were also down nearly 12 per cent compared to 2024, and down 28 per cent from the ten-year February average.

“After several months of growing momentum, market activity was hampered in February by the uncertainty surrounding tariffs,” said BCREA chief economist Brendon Ogmundson.

The real estate association says it expects apprehension from prospective buyers will continue amidst the trade war, but may be somewhat tempered by lower interest rates on the horizon.

Year-to-date, B.C. residential sales dollar volume is down 4.5 per cent to $8.8 billion, compared with the same period in 2024.

The Bank of Canada’s next interest rate announcement is Wednesday, and most economists expect the central bank will deliver another quarter-point rate cut.