Canada Housing Market

British Columbia’s housing market is showing signs of slowly recovering, but home sales are still nowhere close to what would normally be expected at this time of year.

A total of 5,653 residential properties sold across B.C. in August 2026, according to the latest data from the British Columbia Real Estate Association.

That was 4.7% fewer sales than August 2025.

But the bigger number is how current activity compares with a typical August.

Home sales across the province were a massive 25.4% below the 10-year average for the month. (BC Real Estate Association)

That means even as parts of the market begin showing signs of improvement, B.C. is still seeing significantly fewer buyers completing purchases than has historically been normal.

BC Recorded Just 5,653 Home Sales In August

British Columbia recorded 5,653 MLS® residential sales during August 2026.

That’s down from the same month last year and also a noticeable drop from July, when 6,561 homes sold across the province. (BC Real Estate Association)

July sales were already running 18.8% below the 10-year average for that month.

By August, that gap had widened to 25.4% below the 10-year average. (BC Real Estate Association)

So while the market isn’t necessarily moving in the same direction in every region, province-wide activity remains unusually quiet compared with historical levels.

BC Home Prices Are Slightly Lower Than Last Year

Home prices have also moved lower.

The average residential property sold for $924,826 in August 2026, down 1% from $925,917 in August 2025. (BC Real Estate Association)

The decline is relatively small compared with the drop in sales activity, but it shows that B.C.‘s quieter market hasn’t been accompanied by rising average prices province-wide.

The total value of residential real estate sold during August was approximately $5.2 billion, down 4.8% from the same month last year. (BC Real Estate Association)

BC Home Sales Are Down For The Entire Year

August isn’t an isolated weak month.

Between January and August, 46,069 residential properties sold across British Columbia.

That’s 5.5% fewer sales than during the same period in 2025. (BC Real Estate Association)

The total value of those sales reached approximately $43.26 billion, down 6.5% year over year.

Meanwhile, the average residential sale price for the first eight months of 2026 was $939,028, down about 1% from last year. (BC Real Estate Association)

So far, 2026 has remained a slower year for B.C. real estate despite expectations that activity would eventually begin recovering.

BC’s Housing Recovery Has Been Slow

BCREA Chief Economist Brendon Ogmundson said provincial sales remain well below long-term averages, although activity has been gradually improving throughout the year. (BC Real Estate Association)

That fits with BCREA’s broader outlook for the province.

In its third-quarter forecast released in August, BCREA projected approximately 69,325 residential sales across B.C. in 2026, which would represent a 1.2% decline from 2025.

The association expects sales activity to increase in 2027, although it has characterized the recovery as gradual rather than a sudden rebound. (BC Real Estate Association)

The Lower Mainland Has Been One Of The Weaker Areas

B.C.’s housing market can vary dramatically depending on the region.

Earlier this summer, BCREA noted that market weakness remained particularly concentrated in the Lower Mainland, even as sales activity improved in many other parts of the province. (BC Real Estate Association)

That means provincial numbers don’t necessarily describe what buyers and sellers are experiencing in every individual city.

Vancouver and surrounding markets can behave very differently from areas like Vancouver Island, the Interior or northern B.C.

Still, the provincial total makes one thing clear.

BC Home Sales Remain Far From Historical Norms

British Columbia’s market may be slowly improving, but August’s numbers show the recovery still has a long way to go.

Only 5,653 homes sold across the province in August.

That’s 4.7% fewer than last year.

And most importantly, it’s 25.4% below what B.C. has averaged over the past decade during the month of August. (BC Real Estate Association)

With prices also slightly lower and year-to-date sales down 5.5%, B.C.’s housing market remains considerably quieter than historical norms heading into the fall.

The next few months will show whether buyers begin returning in larger numbers or whether unusually low sales activity continues through the rest of 2026.

References

British Columbia Real Estate Association: Slow but Steady Sales Recovery Continues in the BC Market

British Columbia Real Estate Association: Statistical Releases

British Columbia Real Estate Association: 2026 Third Quarter Housing Forecast Update

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