Continued tariff talks between the United States and Canada are causing concerns for home buyers on Vancouver Island.
The Vancouver Island Real Estate Board (VIREB) released their February 2025 housing report, and it shows all property type sales were unchanged from one year ago.
VIREB CEO Jason Yochim said despite forecasts indicating B.C. won’t be impacted as much as other parts of Canada from tariff threats when it comes to the housing market, sales haven’t increased.
“Some buyers are holding back, which we attribute to the economic uncertainty unleashed by threatened American tariffs that have now become a reality.”
February saw 493-unit sales across February, the same number as the year prior, despite year-to-year active listings rising by three per cent to 3,235.
Single-family home sales dropped four per cent, condos increased by 12 per cent, and row/townhouses was up five per cent from the previous year.
Active listing on single-family homes and condo apartments were up 60 and 78 units respectively, while row/townhouses listings were down 83 units compared to the same time last year.
The British Columbia Real Estate Association said in its latest Market Intelligence Report the 25 per cent tariffs would seriously affect the Canadian and B.C. economies.
The report anticipates the B.C. housing market however would temporarily decline in activity before a robust recovery due to mortgage rates declining substantially.
