British Columbia recorded 5,670 home sales in October, down almost 11% from the same month last year.
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British Columbia saw 5,670 home sales in October, a drop of almost 11% compared with October last year, according to the B.C. Real Estate Association.
The association said the average sale price of a home in the province fell about 2.8% in October, dropping from about $977,000 last year to just under $950,000.
The latest figures come after the association released its fourth-quarter forecast this week, projecting B.C. home sales would slide 4.5% this year from 2025 to about 67,000 units.
Association chief economist Brendon Ogmundson said the forecast reflects market challenges including interest rates, slower immigration, an oil-price shock, and U.S. trade tensions.
Ogmundson said more-affordable areas have shown resilience, pointing to Kamloops, where home sales rose 12% last month.
He said Metro Vancouver and the rest of the Lower Mainland continue to be affected by “global headwinds and hawkish monetary policy,” adding that Greater Vancouver sales fell 10% to just over 2,000 units sold in October.
Ogmundson said recoveries in higher-priced regions depend on “a retracing of rates and oil prices” so prospective buyers regain confidence after several volatile quarters.
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