July housing data reveals a tale of two BC markets — and what it means for your clients
British Columbia's housing market posted another soft result in July, with provincial sales declining 6.7% year-over-year. The headline number masks a widening divide between a recovering Interior and a still-struggling Lower Mainland, according to data released by the British Columbia Real Estate Association (BCREA).
The association reported 6,561 residential unit sales recorded through Multiple Listing Service (MLS) Systems across the province in July. That's down from the same month a year earlier and sitting 18.8% below the ten-year average for July.
The average MLS residential price slid 1.3% to $929,619, compared with $942,247 in July 2025, while total sales dollar volume fell 7.9% to $6.1 billion.
Interior markets hold while the Lower Mainland stalls
According to BCREA data, the Okanagan recorded average prices up 8.2% year-over-year to $806,810, while South Peace River posted a 9.5% price gain and unit sales growth of 26.2%.
Kamloops and Kootenay both registered year-over-year price increases.
The contrast in the Lower Mainland was stark. Greater Vancouver saw average prices fall 2.2% to $1,213,589, with unit sales dropping 9.4%.
Fraser Valley recorded a 5.8% price decline, with average prices sitting at $964,108.
Powell River was the weakest market in the province by price movement, dropping 25.4% year-over-year to $597,852.
"Seasonally adjusted sales activity rose from the previous month across most of BC, while weaknesses remained concentrated in the Lower Mainland," said Brendon Ogmundson, chief economist at the British Columbia Real Estate Association.
"Looking ahead, resilience in the economy and a recovering labour market should translate to regional markets converging to long-term averages over the next year."
The BCREA's second-quarter housing forecast, released in April 2026, projected MLS residential sales province-wide would fall 2.1% to 68,700 units this year before climbing 7.7% in 2027.
Brokers tracking BC's housing market and what it means for mortgage demand will find the Interior's relative strength offering a different conversation with clients than what the provincial figures imply.
| Board | Avg. price ($) | Unit sales |
|---|---|---|
| BC Northern | $469,047-0.5% | 447-0.2% |
| Chilliwack | $768,129+1.7% | 181-14.2% |
| Fraser Valley | $964,108-5.8% | 1,025-7.3% |
| Greater Vancouver | $1,213,589-2.2% | 2,061-9.4% |
| Okanagan | $806,810+8.2% | 872-5.2% |
| Kamloops | $641,920+2.2% | 254-1.6% |
| Kootenay | $612,160+4.2% | 318+2.6% |
| South Peace River | $351,702+9.5% | 53+26.2% |
| Powell River | $597,852-25.4% | 23-14.8% |
| Vancouver Island | $770,386-0.2% | 685-12.4% |
| Victoria | $996,510+3.1% | 642-1.7% |
| British Columbia | $929,619-1.3% | 6,561-6.7% |
Source: British Columbia Real Estate Association (BCREA), MLS® Systems, July 2026. Year-over-year % change shown in italics. Figures are for residential unit sales and average MLS® residential price.
What the split market means for brokers
The divergence is not new, but it is deepening. Kyle Green, a Vancouver-based broker who spoke to Canadian Mortgage Professional in May, noted the city was likely heading for a split second half, with detached properties and townhomes finding a floor while the condo market remained under pressure.
That prediction appears to be tracking. Victoria, meanwhile, recorded 673 sales in July, broadly flat year-over-year but above its five-year July average, according to the Victoria Real Estate Board.
Sal Guatieri, director and senior economist at BMO Capital Markets, was direct in recent remarks to CMP: "Unfortunately, the soft housing markets in Ontario and BC likely will not receive much support from lower borrowing costs anytime soon."
Year-to-date through July 2026, BC residential sales dollar volume is down 6.7% to $38.04 billion, while residential unit sales have fallen 5.6% to 40,432 units.
Clients renewing or purchasing in markets like the Okanagan face a meaningfully different affordability picture than those in Greater Vancouver — a distinction brokers advising clients navigating BC's renewal wave and rate environment will need to communicate clearly.
The provincial average MLS residential price sits at $940,948 year-to-date, down 1.2% from the same period in 2025.
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