British Columbia’s housing market continues to cool sharply, with residential unit sales in March falling 9.6 per cent year-over-year, according to the BC Real Estate Association (BCREA). The decline has wiped out an estimated $900 million in market revenue — a 13.9 per cent drop compared to the same month last year.
BCREA Chief Economist Brendon Ogmundson pointed to growing economic uncertainty stemming from U.S.-imposed tariffs as the primary reason for buyers stepping back, especially in major urban markets like Greater Vancouver, the Fraser Valley, and Victoria.
That uncertainty has pushed March home sales 35 per cent below the 10-year average, underscoring the depth of the slowdown. While prices have declined in most large B.C. markets, smaller regions like Vancouver Island and Northern B.C. have seen modest increases.
The province-wide average residential price now sits at $963,323 — down 4.8 per cent from March 2024 — as buyers grow increasingly cautious and affordability challenges persist.
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