Sales Struggle Against a Weak Economy and Rising Mortgage Rates

The British Columbia Real Estate Association (BCREA) reports that 6,790 residential unit sales were recorded in Multiple Listing Service^® (MLS^®) Systems in May 2026, down 2 per cent from May 2025. The average MLS^® residential price in BC in May 2026 was down 1.4 per cent at $945,878 compared to $959,216 in May 2025.

Total MLS^® residential sales dollar volume was $6.42 billion, down 3.4 per cent from the same time the previous year. BC MLS^® unit sales were 26.39 per cent lower than the ten-year average for the month of May.

“Rising mortgage rates and a weak labour market continue to constrain activity around the province but especially in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “The recent rise in mortgage rates presents an unexpected headwind for the market this year and may further delay a recovery in activity.”

Year-to-date, BC residential sales dollar volume is down 8 per cent to $25.1 billion, compared with the same period in 2025. Residential unit sales are down 6.9 per cent year-over-year at 26,681 units, while the average MLS^® residential price is also down 1.2 per cent to $941,883.