British Columbia Housing Market Report

View Home Listings in BC

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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 increase to $964,349 in February 2025. This represents a monthly increase of 1.6% compared to January 2025's $949,560, though prices remain down 2.4% on an annual basis compared to February 2024. The benchmark home price in British Columbia rose to $964,600, up 1.0% month-over-month but essentially flat (-0.1%) year-over-year.

There were 4,947 sales recorded in BC's housing market in February 2025, marking a strong 17.2% increase from January, though still down 9.7% compared to February 2024. Sales activity was significantly below historical norms, running 28% lower than the ten-year February average, with the British Columbia Real Estate Association (BCREA) attributing this weakness to "uncertainty surrounding tariffs."

Active listings continued to accumulate, reaching 33,985 homes on the market by the end of February 2025, up 27.7% from February 2024 and 10% higher than January 2025's levels. The sales-to-active-listings ratio dropped to 14.6% from 20.6% a year earlier, reflecting the market's shift further toward buyer-friendly conditions.

Greater Vancouver’s housing market remained the province's largest and most expensive market, with an average price of $1,224,858 (down 4.0% year-over-year) with sales falling 11.7% year-over-year. Greater Vancouver’s active listings surged 32% annually to 12,744 units. Other major markets showed varying performance: Fraser Valley saw sales plummet 27%, while Victoria experienced 9.7% sales growth. The Okanagan and Kootenay regions showed strong price appreciation (9.7% and 9.1%, respectively) despite mixed sales results.

The total sales dollar volume for February was $4.8 billion, down 11.8% from the same time last year. This contributed to a year-to-date decline of 4.5%, with a total of $8.8 billion in transactions for the first two months of 2025.

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

Real estate markets across British Columbia continued to show varied regional performance in February 2025, with notable changes in average prices, active listings, and sales-to-active listings ratios. The following numbers reflect year-over-year changes comparing February 2025 to February 2024.

1. Average Price: $397,030 (down 1.2%)

2. Active Listings: 1,395 units (down 2.0%)

3. Sales to Active Listings Ratio: 18.4% (up from 17.4%)

1. Average Price: $769,179 (down 0.1%)

2. Active Listings: 1,001 units (up 10.6%)

3. Sales to Active Listings Ratio: 18.7% (down from 24.0%)

1. Average Price: $1,021,115 (up 0.4%)

2. Active Listings: 6,744 units (up 51.5%)

3. Sales to Active Listings Ratio: 12.7% (down from 26.4%)

1. Average Price: $1,224,858 (down 4.0%)

2. Active Listings: 12,744 units (up 32.3%)

3. Sales to Active Listings Ratio: 14.8% (down from 21.4%)

Interior

1. Average Price: $766,403 (up 9.4%)

2. Active Listings: 4,801 units (up 15.4%)

3. Sales to Active Listings Ratio: 9.9% (down from 11.8%)

1. Average Price: $652,663 (up 6.3%)

2. Active Listings: 981 units (up 2.9%)

3. Sales to Active Listings Ratio: 14.9% (down from 16.5%)

1. Average Price: $532,211 (up 11.3%)

2. Active Listings: 1,218 units (up 13.4%)

3. Sales to Active Listings Ratio: 15.0% (up from 14.2%)

1. Average Price: $302,032 (up 15.5%)

2. Active Listings: 177 units (down 11.9%)

3. Sales to Active Listings Ratio: 14.1% (up from 12.9%)

1. Average Price: $625,817 (up 6.6%)

2. Active Listings: 168 units (up 46.1%)

3. Sales to Active Listings Ratio: 14.3% (down from 15.7%)

Vancouver Island and Victoria

1. Average Price: $732,944 (down 0.1%)

2. Active Listings: 2,742 units (up 17.8%)

3. Sales to Active Listings Ratio: 17.1% (down from 20.6%)

1. Average Price: $982,330 (up 3.3%)

2. Active Listings: 2,014 units (up 47.0%)

3. Sales to Active Listings Ratio: 24.7% (down from 33.1%)

1. Average Price: $964,349 (down 2.4%)

2. Active Listings: 33,985 units (up 27.7%)

3. Sales to Active Listings Ratio: 14.6% (down from 20.6%)

The Interior regions (Okanagan, Kamloops, Kootenay) and smaller markets like South Peace and Powell River continued to show the strongest price growth, while Greater Vancouver experienced the largest price decline. Active listings increased across most markets, with Fraser Valley, Victoria, and Powell River seeing the most dramatic inventory growth. Most major markets saw declining sales-to-active listings ratios compared to last year, indicating a shift toward more buyer-friendly conditions throughout the province. Exceptions to this are South Peace, Kootenay, and BC Northern, where the sales-to-active listings ratio has increased compared to last year.