British Columbia’s housing market stayed in a deep trough in February, leaving mortgage professionals grappling with thinner pipelines even as borrowing conditions eased from the peak‑rate era.
The British Columbia Real Estate Association (BCREA) reported 4,516 residential sales through MLS systems in February 2026. That's down 9.7% from a year earlier and roughly one‑third below the 10‑year February average of 6,532 transactions.
Average prices also slipped, with the provincial MLS figure falling 2.9% year over year to $932,243.
Regionally, weakness had few exceptions. Greater Vancouver posted 1,648 sales, down 8.8% on the year, while Fraser Valley transactions fell 7.6% to 785.
Chilliwack and Kootenay saw sharper slowdowns, with sales drops of 31% and 29.4% respectively.
Only a handful of boards – notably Victoria and BC Northern – recorded price gains, even there alongside double‑digit declines in unit sales.
“Housing market activity continues to struggle, with sales declining from every region in the province compared to the same time last year,” BCREA chief economist Brendon Ogmundson said.
“We hope that improved affordability conditions in most regions and stable rates will motivate prospective demand to enter the market and drive stronger sales activity over the rest of the year.”
Year to date, residential dollar volume across BC was down 17.8% to $7.3 billion, with unit sales 15.8% lower at 7,832 and the average price 2.4% below a year earlier, BCREA said.
The latest figures arrived just months after BCREA’s third‑quarter forecast painted a brighter picture for 2026.
At the time, Ogmundson said “trade‑related uncertainty upended hopes for a more normal market through the first half of 2025,” but projected MLS sales would increase by 10.7% to 80,600 units in 2026 as activity returned toward long‑run norms.
CMP
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