Tariff fears kept home buyers on the sidelines in March for most of the province, but the Okanagan appears to be bucking the trend according to recent figures from the BC Real Estate Association (BCREA).
The association reports that 5,917 residential sales were recorded in B.C. in March, down 9.6 per cent from March 2024. The average residential price in March this year was down 4.8 per cent at $963,323 compared to $1,011,965 in March 2024.
鈥淏uyers continued to shift back to the sidelines in March,鈥� said BCREA Chief Economist Brendon Ogmundson. 鈥淭he economic uncertainty surrounding potential tariffs on Canadian goods has some potential buyers hesitant, particularly in the province鈥檚 larger markets.鈥�
The Okanagan saw an increase in residential active listings this March, 5,604 compared to 5,028 in March 2024, however, sales to active listings fell slightly to 11.2 per cent from 12 per cent. The average residential price for March this year was $741,769, compared to $753,510 in March 2024--a 1.6 per cent decrease.
BCREA figures show that 630 residential units were sold this March in the Okanagan, compared to 602 units in March 2024--a 4.7 per cent hike.
Year-to-date across the province, residential sales dollar volume is down 8.1 per cent to $14.5 billion, compared with the same period in 2024. Residential unit sales are down 5.2 per cent year-over-year at 15,160 units, while the average residential price is also down 3.1 per cent to $959,400.
