Home Sales Decline in British Columbia Amid Rate Hike Speculation
The real estate market in British Columbia experienced a downturn in September, as the British Columbia Real Estate Association reported a decrease in home sales. Approximately 5,250 homes were sold last month, marking a 9% drop compared to the same period in 2025.
Notably, home sales in September were 26% lower than the 10-year average for the province. The total sales volume for residential transactions in B.C. amounted to $4.9 billion, reflecting an 11% decline from the previous year. Additionally, the average price on the Multiple Listing Service decreased by 2.4% to slightly over $924,000.
Brendon Ogmundson, the chief economist of the association, attributed the decline to speculations surrounding potential interest rate hikes by the Bank of Canada, following a period of positive momentum during the summer months. The uncertainty surrounding rising oil prices has raised concerns about the future trajectory of interest rates.
Year-to-date data indicated a 6% decrease in home sales in B.C. compared to the same period in the previous year, with September witnessing a decline in sales across all regions except South Peace River and the Kootenays.
