Slump in B.C. home sales blamed on sluggish economy and global conflict

1 week ago 9

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The B.C. Real Estate Association says B.C. home sales slumped in March as the U.S. war in Iraq creates global instability.

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In a statement Tuesday, the association reported that sales were down 3.6 per cent from the same time last year and nearly 35 per cent lower than the 10-year average, adding that home sales are slow given a “very challenging economic environment.”

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As well, the average price of home in B.C. was down two per cent at $939,846 compared with $959,236 in March 2025.

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For Metro Vancouver, the average price was down three per cent to $1,201,123 from $1,238,128 the same month last year. The Fraser Valley also saw a significant drop of six per cent year over year to an average of $967,114 from $1,032,288.

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Brendon Ogmundson, the association’s chief economist, said global conflict is leading to rising mortgage rates, and paired with a sluggish economy B.C. faces challenges for a housing market recovery.

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“Improved affordability and pent-up demand should translate to an acceleration of activity, though the market will need a period of relative calm for households to build confidence,” he said in a statement Tuesday.

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Year-to-date, B.C. residential sales dollar volume is down 13 per cent to $12.7 billion, compared with the same period in 2025.

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More to come …

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