British Columbia recorded 5,670 home sales in October, down almost 11% from the same month last year, with Greater Vancouver sales also easing.
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British Columbia saw 5,670 home sales in October, a drop of almost 11% compared with October of the previous year.
The B.C. Real Estate Association said the average home sale price in the province in October fell about 2.8% from about $977,000 last year to just under $950,000.
The association’s figures came after it released its fourth-quarter forecast, 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 latest monthly decline reflects mounting market challenges tied to interest rates, slower immigration, an oil-price shock and U.S. trade tensions.
Ogmundson said some more-affordable areas of the province showed resilience, including Kamloops, where home sales rose 12% last month.
He added that Metro Vancouver and the rest of the Lower Mainland continued to face what he described as “global headwinds and hawkish monetary policy,” noting that Greater Vancouver sales fell 10% to just over 2,000 units in October.
Ogmundson also said recoveries in more-expensive regions would depend on a retracing of rates and oil prices, so prospective buyers regain confidence after several volatile quarters.
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