Tariff uncertainty cools B.C. real estate market

It seems the uncertainty around the impacts of U.S.-imposed tariffs is hitting the real estate market in B.C., too.

The BC Real Estate Association says sales in February of this year were down almost 10 per cent compared to the same month in 2024.

According to the association, there were 4,947 residential unit sales last month.

The average price of a sale in the province also decreased, with the BCREA saying that the average residential price in February 2025 was down 2.4 per cent at $964,349 compared to $987,811 in February 2024.

“After several months of growing momentum, market activity was hampered in February by the uncertainty surrounding tariffs,” said BCREA chief economist Brendon Ogmundson.

“Apprehension from prospective buyers will continue amidst this unfortunate trade war but may be somewhat tempered by lower interest rates on the horizon,” Ogmundson added.

Most economists expect the central bank will deliver another quarter-point rate cut on Wednesday while it waits to see how long the dispute with Canada’s largest trading partner lasts.

The BCREA says that year-to-date residential dollar sale values are down by 4.5 per cent to $8.8 billion, compared with the same period in 2024.

With files from Dean Recksiedler.