Housing market activity in the Lower Mainland slowed at the start the year as U.S. tariff threats raised economic uncertainty, dampening buyer confidence. Uncertainty overshadowed demand drivers like declining interest rates, higher price caps for mortgage insurance eligibility and the availability of 30-year amortization for all first-time buyers.

Total MLS sales in the region—which spans Metro Vancouver, Abbotsford-Mission and the Sea-to-Sky area—came in at 2,330 units. This was up 0.3 per cent year over year from January 2024 and far below the 27-per-cent increase registered in December. Sales were down about 15 per cent compared to the 10-year January average. The upward trend in momentum has turned over and we calculate a seasonally adjusted decline of about four per cent month to month.

Softer January sales coincided with rising existing home supply, as new listings surged 50 per cent year to year. Active listings also jumped 40 per cent to reach their highest level since 2019.........

© BIV