BC Real Estate Market Report March 2025

🏡 BC Real Estate Market March 2025: Uncertainty Weighs In — But Kelowna Buyers Are Still Looking

The latest BC Real Estate Market housing report for March 2025 confirms what many of us in the real estate world have been sensing: uncertainty is running high, and it’s making buyers—especially in bigger markets—think twice.

But here in Kelowna, while buyers aren’t rushing in, they haven’t disappeared either. In fact, first-time buyers are still showing up. It’s just taking a little longer to get deals done, and expectations on both sides are adjusting.

📉 BC Real Estate Market Province-Wide: Sales and Prices Dip Again

According to the British Columbia Real Estate Association (BCREA):

• Residential sales: 5,917 units across BC in March 2025 (⬇️ 9.6% YoY)
• Average MLS® price: $963,323 (⬇️ 4.8% YoY)
• Sales dollar volume: $5.7 billion (⬇️ 13.9% YoY)

This marks sales 35% below the ten-year average for March—a clear indicator that we’re not in a fast-paced market currently.

BCREA Chief Economist Brendon Ogmundson noted that buyer activity has been impacted by fears around potential tariffs on Canadian goods, adding to the already high economic uncertainty.

📊 In fact, BCREA’s Uncertainty Index just hit a record high, reflecting the heightened concerns about interest rates, inflation, and economic policy.

📍 Kelowna: Movement in the Market, But Cautious Steps

Kelowna’s & the Central Okanagan market didn’t buck the provincial trend—but it didn’t stall out either.
Here’s a snapshot for the Central Okanagan area,

• Total Sales: 930 units (⬆️ 4.2% YoY)
• Active Listings: 5,604 (⬆️ 11.5% YoY)
• Sales to Active Listings 11.2% – still a Buyers Market.

✏️ Trish’s take: These numbers show movement, but not the usual spring momentum. I’m seeing pent-up demand mixed with hesitation, more questions, and longer decision timelines—especially among first-time buyers who are cautiously optimistic but sensitive to affordability and interest rates.

🔍 Insights and Implications – What I’m Seeing Locally

As I meet with clients, show properties, and review offers, here’s what’s becoming clear:

• First-time buyers are cautiously stepping in.
  These buyers are comparing more listings, negotiating harder, and often still need to sell a property before they can move. I’m seeing lots of interest in the $600K–$850K range, and we are seeing multiple offers.
  • ✅ Tip for Sellers: Make sure your listing stand out with staging, sharp pricing, and flexible showing times.
  • ✅ Tip for Buyers: Get your mortgage pre-approval ready—timing is still everything if the right home comes along.
• Condo inventory is higher—and giving buyers the upper hand.
  There’s no shortage of condos on the market right now, especially in newer buildings or investor-heavy areas. That’s leading to more could lead to downward pricing pressure and longer days on market.
  • For sellers: You’ll need to be priced competitively and ready to offer value—whether that’s updated interiors, flexible terms, or standout marketing.
  • For buyers: This could be your window of opportunity, particularly if you’re a first-time buyer or looking for a second home.
• Lower Mainland buyers are quieter.
  Kelowna has traditionally attracted many buyers from Vancouver and the Fraser Valley, but that flow has slowed. If their homes aren’t moving quickly back home, they’re less likely to jump into a purchase here.
• Realistic pricing is winning.
  Gone are the days of shooting for the moon. The sellers I’m working with who’ve priced according to today’s comparables are getting steady interest now as spring progresses.

✅ BC Real Estate Market Final Thoughts: It’s a Market for the Informed

Right now, it’s not about trying to time the market perfectly—it’s about being prepared, staying realistic, and making smart, well-supported decisions.

If you’re a buyer feeling hesitant, that’s normal. But don’t sit on the sidelines too long—a balanced market like this offers rare negotiating power. For sellers, a thoughtful pricing strategy and strong presentation will make all the difference.

💬 Let’s chat about your next move—whether you’re planning to buy, sell, or just want to understand your options.

📞 Call or text me at 250-864-1707
🌐 Visit: www.TrishCenci.com
🏡 Coldwell Banker Horizon Realty | Kelowna, BC