Tariff uncertainty, recession risk weigh on homebuyer confidence

In February, the Lower Mainland housing market faced challenges with a 17.3% drop in sales compared to the previous year, totaling 2,684 units. Inventory levels rose significantly, up 38% year-over-year, as more sellers entered the market amid economic uncertainty. The market is shifting towards a buyers’ market, with a sales-to-active listings ratio of 14%. Employment in British Columbia decreased by 0.2%, with part-time jobs declining while full-time positions grew slightly. The unemployment rate remained steady at 6%.