BC Real Estate Market Update: Sales Activity Remains Divergent Across the Province

The British Columbia real estate market continues to show different trends across the province, with affordability, economic uncertainty and borrowing costs influencing buyer activity in different ways.

According to the British Columbia Real Estate Association (BCREA), 5,670 residential properties were sold through Multiple Listing Service® (MLS®) Systems in October 2026, representing a 10.9 per cent decrease compared to October 2025. The average residential price also declined 2.8 per cent year-over-year to $949,832, down from $977,117.

While the province continues to experience softer sales activity, the numbers reveal an important distinction: not every region is experiencing the same market conditions.

Lower Mainland Continues to Face Greater Headwinds

The Lower Mainland remains one of the most challenged regions in BC's housing market.

Higher home prices, affordability constraints and economic uncertainty continue to weigh on prospective buyers. BCREA Chief Economist Brendon Ogmundson noted that global economic headwinds and hawkish monetary policy are disproportionately affecting sales activity in the Lower Mainland.

Meanwhile, more affordable regions of the province are demonstrating greater resilience.

This divergence is particularly important for buyers and sellers. Provincial averages provide a useful overview, but local market conditions can vary considerably depending on location, property type and price range.

October 2026: How Different Regions Performed

The October statistics highlight the differences in sales activity and average prices across British Columbia.

Source: BCREA, October 2026. Year-over-year changes are compared with October 2025.

Several observations stand out.

First, some regions are experiencing price declines alongside lower sales volumes. Greater Vancouver, for example, recorded a 2.7 per cent decrease in its average price and a 10.3 per cent decline in unit sales.

Second, certain markets are showing price resilience despite weaker transaction activity. The Kootenay region recorded a 12.5 per cent increase in average prices, although unit sales declined 26 per cent.

Kamloops also stood out, with unit sales increasing 11.5 per cent year-over-year despite a 1.7 per cent decrease in average prices.

These differences demonstrate why buyers and sellers should look beyond provincial statistics when making real estate decisions.

Victoria Real Estate Market: Prices and Sales Both Decline

For those of us following the Victoria real estate market, October's numbers deserve particular attention.

Victoria recorded 542 residential unit sales, down 9.1 per cent compared to October 2025. The average residential price declined 8.2 per cent year-over-year to $993,465.

Compared with the broader Vancouver Island region, Victoria experienced a more significant decline in average prices.

Across Vancouver Island, the average residential price was $747,444, representing a modest 0.7 per cent increase year-over-year. However, unit sales were down 9.5 per cent to 562 transactions.

This contrast suggests that the broader Vancouver Island market is demonstrating more price resilience than Victoria, although sales activity remains softer in both markets.

For buyers, declining prices can create opportunities to negotiate and potentially access properties that may have been less attainable during stronger market conditions.

For sellers, however, the environment calls for realistic pricing, careful preparation and an understanding of competing listings. Buyers have become more selective, making it increasingly important for properties to be positioned appropriately in the market.

It is also worth remembering that average prices can fluctuate depending on the types of properties sold during a particular month. A decline in the average price does not necessarily mean every property has lost the same percentage of its value.

What the Sales Trend Tells Us About BC's Housing Market

Looking at BCREA's seasonally adjusted MLS® Home Sales Index, which uses the 2015–2026 average as its benchmark of 100, regional sales activity remains uneven.

The Lower Mainland continues to sit substantially below the historical average, while other regions have demonstrated periods of stronger activity.

This is consistent with the broader affordability challenges facing British Columbia. More expensive housing markets are generally more exposed to changes in borrowing costs, buyer confidence and economic conditions.

As a result, a recovery in BC's housing market may not happen uniformly. Some communities could experience improving transaction volumes while others continue to face slower activity.

What Does This Mean for Buyers and Sellers?

For buyers: A slower market can provide more time to evaluate properties, compare options and negotiate. However, opportunities depend on the specific neighbourhood, property type and price range. Buyers should focus on affordability, financing and long-term suitability rather than trying to perfectly time the bottom of the market.

For sellers: Pricing strategy matters more than ever. Buyers are paying attention to comparable sales, property condition and value. Overpricing can lead to longer days on market and eventual price reductions. Understanding current competition is essential before listing.

For homeowners: Short-term changes in average prices should be considered in context. Real estate is a long-term asset, and individual property values are influenced by location, condition, supply, demand and local economic conditions.

Looking Ahead: A Regional Recovery Rather Than a Provincial One?

BC's housing market is entering the final months of 2026 with relatively subdued sales activity. Year-to-date residential sales dollar volume is down 7.7 per cent to $53.48 billion compared with the same period in 2025.

Residential unit sales have declined 6.4 per cent to 56,964 transactions, while the average MLS® residential price is down 1.1 per cent to $938,835.

BCREA's outlook highlights the importance of interest rates, oil prices and broader economic confidence in determining the pace of a recovery, particularly in more expensive markets.

My takeaway is that BC's real estate market should not be viewed as one single market. The conditions in Greater Vancouver are different from those in the Okanagan, Kootenays and Vancouver Island. Even within Vancouver Island, Victoria can experience different price and sales trends from the broader region.

For buyers and sellers in Victoria, understanding these local differences is far more useful than relying solely on provincial averages.

Whether you are considering purchasing your first home, upgrading, downsizing or evaluating an investment property, having current local market information can help you make a more informed decision.