Tariff woes continue to weigh on B.C. homebuyers as real estate sales drop | Daily Hive

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Many Canadians continue to be concerned about tariffs, which have threatened everything from rising grocery costs to B.C.’s film industry.

According to the British Columbia Real Estate Association (BCREA), the province’s real estate market can also be added to the list of sectors affected.

In its latest bulletin, the BCREA reported that home sales of all types across the province fell by 14.6 per cent in April 2025 compared to the same month in 2024. The number of home sales in MLS reached 6,453 units.

That follows a dip in March’s year-over-year numbers, which were 9.6 per cent lower than the previous year.

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“Uncertainty regarding trade and monetary policy has caused trepidation for prospective buyers, largely in the Lower Mainland, prompting overall provincial activity to fall far below historical averages,” said BCREA chief economist Brendon Ogmundson in the Economics Statistical Release.

“Regional activity continued to diverge in April with more expensive regions experiencing a larger drop in sales activity.”

Year-to-date, residential unit sales are down 7.9 per cent year-over-year, while the average MLS residential price is also down 4.1 per cent to $953,674.

BCREA pointed to a recent Bank of Canada survey showing that most Canadian workers in industries that rely on exports to the U.S. worry about job security during tariff tensions.

“The impact of all this uncertainty is quite clear,” said the report. “Decision making is paralyzed. Whether it’s a business looking to hire or invest, or a family thinking of buying a home, these kinds of decisions are increasingly being delayed or put off completely. As usual, the most immediate impact of uncertainty is showing up in the housing market.”

BCREA

BCREA’s statistics are based on its compilation of data recorded by the province’s regional-based real estate boards, including Greater Vancouver Realtors and Fraser Valley Real Estate Board.

Renters aren’t faring any better in the current housing market. Zumper, a digital marketplace for renters and property managers, has released its latest rent report, which shows that Vancouver and Burnaby are the most expensive cities to rent in Canada.

liv.rent’s latest monthly report, which examines average rent prices for May, found that Vancouver’s Dunbar-Arbutus is the most expensive neighbourhood to rent in the city.

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With files from Kenneth Chan and Amir Ali