British Columbia’s provincial MLS HPI composite benchmark was $873,800 in July 2026, down 4.8% year-over-year (per CREA’s HPI Tool), with single-family homes at $1,131,900 (-5.5%) and apartments at $589,900 (-6.5%) leading the decline. The most recent full sales breakdown (March 2026) showed the provincial average home price at $939,846, down 2.0% year-over-year, with sales of 5,766 down 3.6% from March 2025 and sitting 34.5% below the ten-year average for the month. The total dollar volume of $4.21 billion was down 5.6% year-over-year at the time.
Provincial MLS HPI Benchmark Price by Property Type – July 2026
These are the real MLS HPI benchmark prices for British Columbia from CREA’s HPI Tool, the most current data available:
| Property Type | Benchmark Price | Year-over-Year Change |
|---|---|---|
| Composite | $873,800 | -4.8% |
| Single-Family | $1,131,900 | -5.5% |
| Townhouse | $779,800 | -5.1% |
| Apartment | $589,900 | -6.5% |
Key statistics (March 2026, most recent full breakdown)
| Metric | Value | Year-over-Year |
|---|---|---|
| Average Home Price | $939,846 | -2.0% |
| YTD Average Price | $933,859 | -2.2% |
| Total Sales | 5,766 | -3.6% |
| YTD Sales | 13,595 | -11% |
| Total Dollar Volume | $4.21B | -5.6% |
| YTD Dollar Volume | $12.7B | -13% |
| vs. 10-Year Average | 34.5% below | N/A |
| Market Condition | Buyer’s Market | N/A |
Average home prices by city
| City / Region | See Report |
|---|---|
| Vancouver | Vancouver Housing Market |
| Victoria | Victoria Housing Market |
| Surrey | Surrey Housing Market |
| Fraser Valley | Fraser Valley Housing Market |
| Kelowna | Kelowna Housing Market |
| Kamloops | Kamloops Housing Market |
| Burnaby | Burnaby Housing Market |
| Richmond | Richmond Housing Market |
| Coquitlam | Coquitlam Housing Market |
| Chilliwack | Chilliwack Housing Market |
Market conditions
British Columbia remains in a buyer’s market as of March 2026. With sales at 34.5% below the ten-year average, buyers continue to have significant leverage across most regions. The 3.6% year-over-year decline in sales is an improvement from January’s 22.9% plunge, partly reflecting typical seasonal strengthening, but activity remains well below historical norms.
“Global conflict leading to rising mortgage rates paired with a sluggish economy are presenting a challenge for a housing market recovery,” noted BCREA Chief Economist Brendon Ogmundson, though he added that “improved affordability and pent-up demand should translate to an acceleration of activity” once conditions stabilize.
The average price decline of -2.0% is modest compared to the benchmark declines seen in January (-4.9%), but with year-to-date sales down 11% and dollar volume down 13%, the underlying weakness persists.
Regional analysis
Vancouver continues to anchor BC’s housing market, though conditions vary significantly across the province. The Lower Mainland and Fraser Valley continue to see elevated inventory and slower sales, while some Interior and Northern BC markets have been more resilient. See the individual city reports linked above for the latest board-level data.
The Fraser Valley and surrounding areas have experienced some of the sharper adjustments, as pandemic-era price gains continue to unwind in the face of higher mortgage rates. Meanwhile, Victoria’s market has shown more stability, supported by government employment and retiree demand.
The Interior markets of Kelowna and Kamloops are navigating the same macro headwinds as the rest of the province, with prices adjusting from elevated levels. Northern BC continues to be the most affordable region, attracting buyers priced out of the Lower Mainland.
Key trends
- Sales well below norms — March sales of 5,766 are 34.5% below the ten-year average, indicating persistent buyer caution despite typical spring market strengthening.
- Rising mortgage rates adding headwinds — Mid-March increases in fixed mortgage rates, tied to global bond yield increases, have added to the already challenging affordability environment.
- Price declines moderating — The 2.0% year-over-year average price decline is less steep than the benchmark declines reported earlier in the year, suggesting the pace of correction may be slowing.
- Year-to-date weakness — Through Q1 2026, dollar volume is down 13% and unit sales are down 11%, pointing to a slower first half than initially forecast.
- Pent-up demand building – Despite current weakness, expected rate stabilization and accumulated pent-up demand could fuel a second-half recovery if economic uncertainty eases.
Housing affordability
At a provincial average of $939,846, British Columbia remains one of the least affordable provinces in Canada. To purchase a home at the average price with a 20% down payment, a household would need an estimated annual income of approximately $193,000 — well above the median household income in BC.
Vancouver remains the most challenging market, with average prices requiring income exceeding $245,000. More affordable options exist in Northern BC and Kootenay, where the income required drops to roughly $100,000–$110,000. See individual city reports below for specific affordability data.
Use our mortgage affordability calculator to determine how much home you can afford, or our income to afford home calculator to find the salary needed at BC price levels.
Useful calculators
- Mortgage Calculator
- Mortgage Affordability Calculator
- Income to Afford Home Calculator
- Land Transfer Tax Calculator
- Closing Costs Calculator
- Mortgage Rates
- First-Time Home Buyer Guide
BC city housing reports
- Vancouver Housing Market — Metro Vancouver composite benchmark and sales
- Burnaby Housing Market — Metro Vancouver’s second-largest city, Feb 2026
- Richmond Housing Market — Metro Vancouver benchmark and leasehold guide
- Coquitlam Housing Market — Tri-Cities market data, Feb 2026
- Surrey Housing Market — Fraser Valley’s largest market, FVREB data
- Fraser Valley Housing Market — Abbotsford, Langley, Mission, White Rock
- Chilliwack Housing Market — Eastern Fraser Valley prices, Feb 2026
- Kelowna Housing Market — Okanagan and Central Interior prices
- Kamloops Housing Market — Thompson-Nicola region prices, Feb 2026
- Victoria Housing Market — Greater Victoria market data
- Canada Housing Market Overview — National trends and provincial comparisons
Data Sources
The housing market data in this report is sourced from:
- British Columbia Real Estate Association (BCREA)
- Greater Vancouver REALTORS® (GVR) — Vancouver, Burnaby, Richmond, Coquitlam
- Fraser Valley Real Estate Board (FVREB) — Surrey, Langley, Abbotsford, Mission
- Association of Interior REALTORS (AIR) — Kelowna and Okanagan
- Victoria Real Estate Board (VREB)
- Canadian Real Estate Association (CREA) — National MLS® Statistics