British Columbia Housing Market Report

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BC Average House Prices by City

View Home Listings in BC

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View Home Listings in BC

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British Columbia's housing market saw the average home price decrease slightly to $963,323 in March 2025. This represents a minor monthly decline of 0.1% compared to February 2025's $964,349, with prices down 5.5% on an annual basis compared to March 2024. The benchmark home price in British Columbia rose to $970,300, up 0.6% month-over-month but down 0.6% year-over-year.

There were 5,917 sales recorded in BC's housing market in March 2025, marking a substantial 19.6% increase from February 2025, though still down 9.6% compared to March 2024. Sales activity was significantly below historical norms, running 35% lower than the ten-year March average. The British Columbia Real Estate Association (BCREA) attributed this weakness to "uncertainty surrounding potential tariffs,” a reference to the trade war initiated by the United States.

The most recent data indicates that active listings continued their upward trend, with BC's housing inventory standing at 39,053 units by the end of March 2025, maintaining the market's shift toward buyer-friendly conditions. That’s 26% higher year-over-year. Meanwhile, BC’s sales-to-active listings ratio dropped to 15.2% from 21.2% a year earlier.

Greater Vancouver’s housing market, the province's largest and most expensive market, had an average price of $1,239,418 (down 6.0% year-over-year) with sales falling 13.4% year-over-year. Greater Vancouver’s active listings surged 38% annually to 14,546 units. Other major markets showed varying performance year-over-year: Fraser Valley saw sales plummet 26%, while Victoria experienced 4.3% sales growth. Kootenay, Vancouver Island, and BC Northern are showing price appreciations (5.4%, 5.8%, and 4.3%, respectively) despite mixed sales results.

The total sales dollar volume for March 2025 was $5.7 billion, down 13.9% from the same time last year. This contributed to a year-to-date decline in dollar volumes of 8.1%, with a total of $14.5 billion in transactions for the first three months of 2025.

British Columbia: Seller’s or Buyer’s Markets?

Real estate markets across British Columbia vary regionally, with differences in average prices, active listings, and sales-to-active listings ratios. The following numbers reflect year-over-year changes comparing March 2025 to March 2024.

1. Average Price: $437,118 (up 4.4%)

2. Active Listings: 1,573 units (down 3.3%)

3. Sales to Active Listings Ratio: 21.3% (up from 17.5%)

1. Average Price: $753,996 (down 3.8%)

2. Active Listings: 1,130 units (up 15.9%)

3. Sales to Active Listings Ratio: 20.6% (down from 27.2%)

1. Average Price: $1,033,273 (down 1.7%)

2. Active Listings: 7,775 units (up 53.5%)

3. Sales to Active Listings Ratio: 12.7% (down from 26.2%)

1. Average Price: $1,239,418 (down 6.0%)

2. Active Listings: 14,546 units (up 38%)

3. Sales to Active Listings Ratio: 14.4% (down from 22.7%)

Interior

1. Average Price: $741,769 (down 0.8%)

2. Active Listings: 5,604 units (up 11.5%)

3. Sales to Active Listings Ratio: 11.2% (down from 12.0%)

1. Average Price: $564,286 (down 2.2%)

2. Active Listings: 1,112 units (up 3.7%)

3. Sales to Active Listings Ratio: 15.8% (down from 18.3%)

1. Average Price: $580,651 (up 6.7%)

2. Active Listings: 1,360 units (up 11.4%)

3. Sales to Active Listings Ratio: 16.5% (down from 19.5%)

1. Average Price: $325,147 (up 17%)

2. Active Listings: 179 units (down 6.8%)

3. Sales to Active Listings Ratio: 17.9% (up from 12.0%)

1. Average Price: $575,453 (down 5.6%)

2. Active Listings: 207 units (up 41.8%)

3. Sales to Active Listings Ratio: 9.2% (down from 19.2%)

Vancouver Island and Victoria

1. Average Price: $779,368 (up 5.8%)

2. Active Listings: 3,199 units (up 6.9%)

3. Sales to Active Listings Ratio: 19.1% (down from 20.9%)

1. Average Price: $988,012 (down 0.4%)

2. Active Listings: 2,368 units (up 16.6%)

3. Sales to Active Listings Ratio: 24.6% (down from 27.5%)

1. Average Price: $963,323 (down 5.5%)

2. Active Listings: 39,053 units (up 26.4%)

3. Sales to Active Listings Ratio: 15.2% (down from 21.2%)

While the province as a whole saw prices decline by 5.5% year-over-year, some markets are showing price growth. BC Northern saw prices increase 4.4% annually, while South Peace led all regions with a remarkable 17% price increase, although based on low transaction volumes. Vancouver Island also demonstrated strength with a 5.8% price increase.

Meanwhile, Greater Vancouver experienced the largest price decline at 6.0%, followed by Powell River at 5.6% and Chilliwack at 3.8%. The Fraser Valley continued to see significant inventory growth with active listings up 53.5% compared to March 2024, as it was up 51.5% annually in February 2025, while Greater Vancouver's active listings increased by 38% year-over-year.

Sales-to-active-listings ratios decreased across most markets compared to last year, indicating a continued shift toward more buyer-friendly conditions throughout the province. However, BC Northern and South Peace showed increased ratios compared to last year, suggesting relatively tougher market conditions in these regions.

The dramatic difference in market performance between regions highlights the localized nature of real estate markets and suggests that economic factors, including tariff concerns mentioned by the BCREA, are impacting larger urban centers, notably Greater Vancouver, more severely than some rural and resource-based communities.