{"id":25992,"date":"2025-06-24T11:11:03","date_gmt":"2025-06-24T18:11:03","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=25992"},"modified":"2025-06-24T08:36:14","modified_gmt":"2025-06-24T15:36:14","slug":"high-inventory-stagnant-prices-tariff-weary-stall-momentum-in-housing-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2025\/06\/high-inventory-stagnant-prices-tariff-weary-stall-momentum-in-housing-markets\/","title":{"rendered":"High Inventory, Stagnant Prices &#038; Tariff-Weary Stall Momentum in Housing Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">British Columbia\u2019s housing market continues to feel the effects of global economic turbulence, as both home sales and prices fell in May.<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s numbers reflect a broader five-month slump, with high-priced regions taking the biggest hit, according to the BC Real Estate Association (BCREA).<\/p>\n<p style=\"text-align: justify;\">\u201cWe have the highest level of inventory of both newly completed homes and existing homes in about 10 years,\u201d BCREA chief economist Brendon Ogmundson.<\/p>\n<p style=\"text-align: justify;\">The average home price in the province dropped by 4.2% year over year to $959,058, down from $1,001,341 in May 2024, according to the report. Meanwhile, total sales activity declined 13.5% over the same period.<\/p>\n<p style=\"text-align: justify;\">\u201cSellers just aren\u2019t really budging,\u201d Ogmundson added. \u201cIf you look at condo prices in Vancouver versus Toronto, they\u2019re down 20% from peak in Toronto, they are down like 5% from peak in Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">Realtor Steve Saretsky echoed concerns about buyer reluctance, describing the current environment as a \u201csort of feedback loop.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cEveryone is marked with uncertainty,\u201d he said. \u201cWorried with the tariff stuff, worried about the prospects of the labour market, are they going to be able to hold down a job.\u201d<\/p>\n<p style=\"text-align: justify;\">He added that buyer hesitation has allowed inventory to accumulate, which in turn is putting downward pressure on prices. But some sellers remain anchored to outdated pricing expectations.<\/p>\n<p style=\"text-align: justify;\">\u201cEverybody always feels like their house is worth more than it is,\u201d Saretsky said. \u201cPeople are always mentally anchored to the last price that sold in the building or the neighbourhood.\u201d<\/p>\n<p style=\"text-align: justify;\">Still, both Saretsky and Ogmundson acknowledged recent signs of a modest uptick in market activity, which Ogmundson attributed to a temporary easing of trade-related tension.<\/p>\n<p style=\"text-align: justify;\">\u201cThere are some signs that perhaps the worst is behind us,\u201d Ogmundson said. \u201cThe quieter it is on the tariff front, the more confidence buyers are going to have.\u201d<\/p>\n<p style=\"text-align: justify;\">He noted that before the onset of the US-Canada trade dispute, British Columbia had been bracing for a strong year. Ogmundson believes that if economic fears ease, some of that pent-up demand could start to make itself felt in the back half of 2025.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.mpamag.com\/ca\/mortgage-industry\/market-updates\/home-sellers-arent-budging-in-tariff-weary-bc-housing-market\/539346\" target=\"_blank\" rel=\"noopener\">Home Sellers &#8220;Aren&#8217;t Budging&#8221; in Tariff-Weary BC Housing Market<\/a> by Candyd Mendoza | CMP<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Columbia\u2019s housing market continues to feel the effects of global economic turbulence, as both home sales and prices fell in May. Last month\u2019s numbers reflect a broader five-month slump, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2025\/06\/high-inventory-stagnant-prices-tariff-weary-stall-momentum-in-housing-markets\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,13],"tags":[],"class_list":["post-25992","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Inventory, Stagnant Prices &amp; Tariff-Weary Stall Momentum in Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2025\/06\/high-inventory-stagnant-prices-tariff-weary-stall-momentum-in-housing-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"High Inventory, Stagnant Prices &amp; Tariff-Weary Stall Momentum in Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"British Columbia\u2019s housing market continues to feel the effects of global economic turbulence, as both home sales and prices fell in May. 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