Realtors in British Columbia report that home sales in August were on par with the previous year, falling short of expectations for a significant increase.
According to the B.C. Real Estate Association, over 5,900 residential units were sold last month, indicating a modest 0.5% rise from August 2024 but a notable decline of more than 24% from the 10-year average for the month.
In terms of pricing, the average cost of a home in the province dipped by 1.4% to slightly above $926,000 on the Multiple Listing Service.
Chief economist Brendon Ogmundson expressed that while the summer ended with sales not meeting projected levels, there are positive indicators pointing towards a more robust real estate market in the latter part of 2025.
In a regional breakdown, the Lower Mainland is trailing behind the rest of the province, with August unit sales displaying the most significant deviation from the historical average for that period.
The total value of residential transactions in B.C. for August was $5.5 billion, marking a slight 0.9% decrease compared to the same month in 2024.