Economic uncertainty from U.S. tariffs giving B.C. homebuyers cold feet
Market inching in direction of a buyers' market as sales down, listings up
The economic uncertainty caused by U.S. President Donald Trump's stupefying and unpredictable daily pronouncements infiltrated the B.C. real estate market as soon as he started opening his mouth.
There are always many factors that go into turbulent home sale numbers and prices in the Lower Mainland, but experts at real estate boards are blaming a slow February on Trump.
“After several months of growing momentum, market activity was hampered in February by the uncertainty surrounding tariffs,” British Columbia Real Estate Association (BCREA) chief economist Brendon Ogmundson said. “Apprehension from prospective buyers will continue amidst this unfortunate trade war but may be somewhat tempered by lower interest rates on the horizon.”
The BCREA reported 4,947 residential unit sales in February 2025, down 9.7 per cent from February 2024. That's down 28 per cent from the 10-year February average.
The average residential selling price in B.C. in February 2025 was down 2.4 per cent at $964,349 compared to $987,811 in February 2024.
In the Greater Vancouver Real Estate Board region, sales and prices were stagnant year over year with 2.8 per cent fewer sales in February 2025 than February 2024.
In the small Chilliwack and District Real Estate Board area (Chilliwack, Agassiz, Harrison Hot Springs, Hope) sales were down 14.2 per cent, and in the Fraser Valley Real Estate Board (North Delta, Surrey, White Rock, Langley, Abbotsford, and Mission) they were down 21.1 per cent.
The number of active listings in Vancouver were up 32.3 per cent, Fraser Valley 51.5 per cent, and Chilliwack 10.5 per. cent.
Prices of what is selling were down 2.4 per cent B.C.-wide, 4.2 per cent in Vancouver, with negligible differences in the Fraser Valley and Chilliwack.
Average selling prices in various districts in February 2025, highest to lowest:
Greater Vancouver - $1.23 million
Fraser Valley - $1.02 million
Victoria - $982,300
Interior - $829,000
Chilliwack - $769,200 [See below for more details on Chilliwack prices]
Vancouver Island - $732,950
Powell River - $625,800
BC Northern - $397,000
B.C. average: - $964,350
Chilliwack and District
"Home sales and new listings both dropped sharply from the previous month as the threat of tariffs loomed ever close in February," said Emily Vernon, newly installed president of the Chilliwack and District Real Estate Board. "Now that we know the tariffs have come to pass, we are expecting there will be some buyers and sellers who move to the sidelines as there is a great deal of uncertainty as to the extent of the impact on our region in terms of shocks to the economy and labour market."
Chilliwack average selling price in February 2025 - $769,179
• Single family house $970,011
• Townhouse average $634,523
• Apartment average $422,076
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Paul J. Henderson
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