BC Real Estate Market Update: Homebuyers Hesitant in April 2025

Victoria, BC– May 17, 2025 – The British Columbia real estate market experienced a notable slowdown in April 2025, with homebuyers showing hesitation amid economic uncertainties. According to the latest data from the British Columbia Real Estate Association (BCREA), residential unit sales through Multiple Listing Service® (MLS®) systems totaled 6,453 units, a 14.6% decline compared to April 2024. The average MLS® residential price in BC also dropped by 6.1%, reaching $942,884, down from $1,003,638 in the same period last year. This resulted in a total sales dollar volume of $6.1 billion, a 19.7% decrease year-over-year.

Buyers are clearly cautious right now, particularly in high-cost areas like Greater Vancouver and the Fraser Valley. Uncertainties around trade and monetary policy are weighing heavily on consumer confidence, leading to sales activity well below the historical ten-year April average by 27%

Regional Variations in Market Activity

The market slowdown was not uniform across the province, with more expensive regions bearing the brunt of the decline. In Greater Vancouver, the average residential price fell 7.1% to $1,211,073, accompanied by a 23.2% drop in unit sales and a 29.7% increase in active listings. The Fraser Valley also saw a significant decline, with unit sales down 30.2% and average prices dropping 3.6% to $1,008,003. Meanwhile, more affordable regions like BC Northern and the Okanagan showed relative resilience, with average price increases of 1.3% each, at $439,426 and $760,068, respectively.

Active listings across the province surged by 20.8% compared to April 2024, totaling 43,608 units. This increase in inventory, coupled with lower sales, led to a province-wide sales-to-active listings ratio of 14.8%, down from 20.9% a year ago, signaling a shift toward a buyer's market in many regions.

Regions like Greater Vancouver and Fraser Valley are seeing a buildup of inventory, which is putting downward pressure on prices. In contrast, areas like South Peace and Vancouver Island are showing modest growth in sales and prices, reflecting more stable demand in those markets.

Year-to-Date Trends

Year-to-date figures further highlight the cooling market. From January to April 2025, BC's residential sales dollar volume fell 11.7% to $20.7 billion compared to the same period in 2024. Unit sales were down 7.9% to 21,676, and the average MLS® residential price dropped 4.1% to $953,674. Notable regional differences persisted, with South Peace posting a 36% increase in year-to-date dollar volume and a 15.3% rise in average price to $304,947, while Fraser Valley saw a 26.4% decline in dollar volume.

What’s Driving Buyer Hesitation?

Broader economic factors are key drivers of the current market dynamics. Uncertainty surrounding trade policies and interest rate expectations is making buyers think twice, especially in the Lower Mainland where affordability remains a challenge. However, for savvy buyers, the increase in active listings and softening prices in some regions could present opportunities, particularly in a market favoring buyers.

Looking Ahead

As the BC real estate market navigates these challenges, we advise both buyers and sellers to stay informed and work with experienced professionals like Florencio. The market is shifting, and understanding local trends is critical whether you're looking to buy or sell. Areas like Vancouver Island and the Okanagan may offer more stability, while urban centers require a more strategic approach due to higher inventory levels.

For more detailed insights or to discuss your real estate needs, contact Florencio Mende Jr, REALTOR® at Real Broker, via email at florenciomendejr@gmail.com 

Florencio Mende Jr is a licensed REALTOR® with Real Broker, serving clients across British Columbia with a focus on personalized, data-driven real estate solutions.