Vancouver, BC – May 14, 2025 — The British Columbia Real Estate Association (BCREA) has released its latest housing market data, revealing a notable slowdown in residential sales across the province. According to BCREA, a total of 6,453 residential unit sales were recorded through Multiple Listing Service® (MLS®) systems in April 2025, marking a 14.6% decline from the same month in 2024.
The average MLS® residential price across BC dropped to $942,884, a 6.1% decrease from $1,003,638 in April 2024. This resulted in a total sales dollar volume of $6.1 billion, representing a steep 19.7% decline year-over-year.
BCREA Chief Economist Brendon Ogmundson highlighted regional disparities in market activity:
“Regional activity continued to diverge in April with more expensive regions experiencing a larger drop in sales activity,” said Ogmundson. “Uncertainty regarding trade and monetary policy has caused trepidation for prospective buyers, largely in the Lower Mainland, prompting overall provincial activity to fall far below historical averages.”
Market Trends Year-to-Date
As of the end of April, year-to-date figures show continued weakness in the BC housing market:
- Residential sales dollar volume: $20.7 billion, down 11.7% year-over-year
- Residential unit sales: 21,676 units, down 7.9% from the same period in 2024
- Average MLS® residential price: $953,674, down 4.1% compared to last year
The latest data from BCREA underscores the impact of macroeconomic uncertainty, including monetary policy shifts and international trade tensions, which are weighing heavily on buyer sentiment. This is especially apparent in high-priced markets such as Vancouver and surrounding areas, where affordability remains a significant barrier.
While prices have softened somewhat, the overall decline in sales indicates that many buyers remain on the sidelines, waiting for greater clarity from the Bank of Canada and other economic signals. Sellers, meanwhile, may need to adjust expectations, particularly in regions that have seen the steepest price corrections.
