B.C. home sales weighed down by Lower Mainland, fall almost 7 per cent in July

VANCOUVER - A weak market in the Lower Mainland is dragging down home sales in British Columbia, with both transactions and average prices falling in July. July saw 6,561 residential property sales reported in the Multiple Listing Service, a 6.7 per cent decrease from the previous year. The average sales price also dropped 1.3 per cent to just under $930,000, compared to about $942,000 a year earlier.

Brendon Ogmundson, chief economist at the British Columbia Real Estate Association, notes that most of the province experienced increased seasonally adjusted sales activity from June levels, with the Lower Mainland, encompassing Metro Vancouver, being an exception. The sector remains optimistic that the broader B.C. market could recover by aligning with long-term averages, contingent on a resurgence in the labour market and economic resilience.

Greater Vancouver home sales dwindled more than nine per cent year-over-year in July, with figures surpassing 2,000 units. Conversely, sales in Chilliwack plummeted by 14 per cent and other Fraser Valley markets declined by seven per cent. This report, originally published by The Canadian Press on August 13, 2026, highlights the impact of the Lower Mainland's underperformance on the overall BC real estate landscape.