Housing market conditions in B.C.’s Lower Mainland remained sluggish through September. After recovering in recent months following a tariff uncertainty induced spring slowdown, home sales look to have crested again. MLS home sales reached 2,783 units in September, which was unchanged from a year ago. While this improved from August’s year-over-year decline of 2.7 per cent, we calculate a two per cent monthly decline once adjusted for seasonal factors. Sales remained within the low range not seen since 2022 with relatively high mortgage rates and prices, and economic uncertainty holding back demand.

Year-to-date sales fell 12 per cent and track a full-year decline of 10 per cent. This would mark a level similar to 2008, and the lowest since 2000 owing largely to slower Fraser Valley-area sales. Greater exposure to tariff risk through manufacturing and a market more geared toward first-time homeownership are contributing factors.

Low demand combined with consistently high inventory will keep market conditions soft. While new and active listings........

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