B.C. residential unit sales down almost 10

The British Columbia real estate market is grappling with a substantial downturn, as evidenced by a 9. 6 percent drop in residential unit sales this March compared to last year. The BC Real Estate Association reports that this decline has resulted in a $900 million loss in revenue, equating to a 13. 9 percent decrease overall. Chief economist Brendon Ogmundson attributes this downturn to heightened economic uncertainty stemming from U.

S. -imposed tariffs. As a result, potential buyers are increasingly hesitant, with sales now 35 percent lower than the ten-year average for March. Interestingly, while major markets like Greater Vancouver, Fraser Valley, and Victoria have experienced price drops, smaller markets, including Vancouver Island and Northern B. C.

, have seen price increases. Currently, the average residential price across B. C. stands at $963,323, which marks a 4. 8 percent decrease from last year’s figures.

This trend raises questions about the long-term implications for the province's housing market and its economy. As the situation evolves, many stakeholders will be closely monitoring how these economic factors influence buyer behavior and market stability.