After a lively summer, September brought a bit of a pause across British Columbia. Sales dipped, rate-hike chatter picked up, and buyers got a little cautious. But zoom out, and the big story is that most of the province is still in balanced territory.
Here’s the lay of the land, from the Okanagan to the Kootenays to our corner of the Island.
The Provincial Numbers
The British Columbia Real Estate Association (BCREA) reported 5,254 residential sales in September, down 8.9% from a year ago. The average price was $924,279, down 2.4%. Total sales dollar volume reached $4.9 billion, down 11%.
Sales ran about 25.8% below the ten-year September average. Year to date, BC has recorded 51,310 sales (down 5.9%) at an average price of $937,644 (down 1.1%).
BCREA’s Chief Economist, Brendon Ogmundson, tied the September softness to rising oil prices that sparked speculation about Bank of Canada rate hikes. His encouraging note is that inventory is easing on a monthly basis, which should help keep markets balanced.
Why Rates Are Back in the Spotlight
On September 2, the Bank of Canada held its overnight rate at 2.25%, its seventh straight hold. But it said upside risks to inflation have increased, pointing to high energy prices and new tariffs, and that it stands ready to adjust policy if needed.
A hold isn’t a hike, yet that language is enough to make buyers hesitate. The next decision is October 28, with an updated Monetary Policy Report. Fixed mortgage rates follow bond yields, which have been climbing, so the affordability conversation isn’t going away.
A Tale of Many Markets
BC isn’t one market; it’s a patchwork. A few snapshots from the September data:
Greater Vancouver: 1,717 sales (down 7.8%), average price $1,228,759 (down 2.1%)
Fraser Valley: 860 sales (down 5.1%), average price $958,641 (down 2.1%)
Okanagan: 658 sales (down 12.7%), average price $753,392 (down 4%)
Kamloops: 189 sales (down 14.9%), average price down 11%
Kootenay: 253 sales (up 9.1%), average price up 1.5%
BC Northern: 358 sales (down 2.7%), average price up 7.6%
South Peace River: 41 sales (up 28.1%), average price up 14.4%
Province-wide, there were 43,940 active listings, down 4.3% from last year, and the sales-to-active-listings ratio was 12% (12.6% a year ago). That puts BC at the lower end of balanced, with the Lower Mainland sitting nearer the buyer-friendly side than the rest of the province.
Where the South Island Fits
Vancouver Island and Victoria both saw fewer sales than last September (down 14.6% and 17.2% respectively), with listings up a bit, a pattern that mirrors what we’re seeing in several BC markets. For the full local breakdown, including Greater Victoria and the Cowichan Valley, check out my September 2026 South Island market update.
Reporting note: BCREA’s Victoria and Vancouver Island sales figures differ from the local VREB and VIREB reports, so the totals in the linked local update may not match exactly.
What It Means for You
If you’re buying: Slower sales and gentler prices in much of BC mean more breathing room. It’s a good time to do your homework and line up financing before the October 28 announcement.
If you’re selling: Buyers are still out there, but they’re comparing carefully. Realistic pricing and good presentation count for more than ever.
If you’re just curious: Totally fair. Stats like these are a compass, not a crystal ball, and every neighbourhood tells its own story.
Let’s Chat
Wondering how the big-picture numbers translate to your street, whether that’s in the Westshore, the Core or the Cowichan Valley? I’m always up for a coffee and a straight answer. Get in touch or explore more South Island market updates.
Sources: BCREA, “Most Markets Remain Balanced Amidst Mounting Headwinds” (October 14, 2026); Bank of Canada interest rate announcement (September 2, 2026). View the complete BCREA statistics release and detailed tables (PDF).
Mike Doughty is a fifth-generation Vancouver Islander and REALTOR® with RE/MAX Camosun serving Greater Victoria, the Westshore and the Cowichan Valley. Statistics are provided by BCREA and are subject to revision. MLS® is a registered trademark of the Canadian Real Estate Association.