B.C. home sales struggle in May as mortgage rates rise and labour market stays weak

VANCOUVER — Rising mortgage rates and a weaker labour market are weighing on home sales in British Columbia, especially in the Lower Mainland.

The B.C. Real Estate Association says home sales on the Multiple Listing Service System in May reached just short of 6,800 units, down two per cent from the same period in 2025.

Average residential prices also slid 1.4 per cent to just short of $946,000 from the May 2025 figure of about $959,000.

Association chief economist Brendon Ogmundson says the recent rise in mortgage rates “presents an unexpected headwind for the market this year and may further delay a recovery in activity.”