What’s Happening in BC Real Estate? May 2025 Market Update and Insights

If you’ve been keeping an eye on the BC real estate market—or even just reading the headlines—you’ve probably noticed that things have slowed down this spring. The latest numbers from the British Columbia Real Estate Association (BCREA) paint a clear picture: uncertainty is still holding back sales activity across the province.

In May 2025, there were 6,945 residential sales through the MLS® system, which is down 13.5% compared to May 2024. The average home price in BC also dipped, coming in at $959,058—a 4.2% decrease from last year. Total sales volume for the month was $6.7 billion, marking a 17.1% decline from the same time in 2024. To put it in perspective, sales are now 26% lower than the ten-year May average.

What’s driving this slowdown? According to BCREA’s Chief Economist, Brendon Ogmundson, it’s mainly uncertainty. Every region in BC has seen a drop in home sales so far this year, with the priciest markets feeling the most impact. The good news? Ogmundson suggests that as uncertainty fades, we could see activity start to pick up again in the second half of 2025.

Looking at the year-to-date numbers, the trend continues: sales dollar volume is down 12.8% compared to the first five months of last year, unit sales have dropped 9%, and the average price is down 4.2%.

For buyers, this means a bit more selection and less competition than we’ve seen in recent years. For sellers, it’s important to price strategically and be patient—homes are still selling, but it’s taking a little longer.

If you have questions about what these trends mean for your plans—whether you’re buying, selling, or just curious—let’s connect. I’m always here to help you navigate the BC real estate market, no matter what the headlines say.