The British Columbia Real Estate Association (BCREA) released its 2026 Third Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in BC are forecast to fall 1.2 per cent to 69,325 units this year. In 2027, MLS® residential sales are forecast to move higher, rising 7.5 per cent to 74,500 units.

“A long-awaited recovery in the British Columbia housing market appears to be underway as we enter the second half of 2026, but will be slow and gradual and continues to be challenged by persistent geopolitical volatility,” said BCREA Chief Economist Brendon Ogmundson. “Ultimately, an expected pick-up in the provincial economy over the next year provides cause for optimism that sales activity will improve in 2027.”

With active listings near their highest level since 2015, and additional pressure from elevated new-home inventory, we anticipate the average price in BC will fall by 1.2 per cent in 2026 to $941,800, down from $952,767 in 2025. This decrease largely reflects disproportionate weakness in more expensive markets in the Lower Mainland, casting downward pressure on the broader provincial average price. 

"Copyright British Columbia Real Estate Association. Reprinted with permission."

The Bank of Canada held its overnight policy rate at 2.25 per cent this morning. In the statement accompanying the decision, the Bank noted that despite significant global uncertainty and volatility, Canada's economy is showing signs of improvement, with growth rebounding in the second quarter and broadening across sectors. The Bank projects growth of just 0.7 per cent this year but expects the economy to expand by 1.8 per cent in both 2027 and 2028. On inflation, the Bank expects CPI to remain elevated in June before gradually easing in the coming months and returning to its 2 per cent target in 2027.

Although the status of the conflict with Iran remains fluid, fears of an oil-price-driven inflation spiral have not materialized. While headline inflation has moved higher, there is little evidence that higher energy costs have been passed through to core inflation in Canada, which remains subdued. As such, there is no need for the Bank to raise rates this year. However, if the Canadian economy continues to regain momentum and core inflation settles near the Bank's 2 per cent target, policymakers may not need to keep the overnight rate at the low end of the neutral range for much longer. In that case, the Bank could begin moving its policy rate back toward 2.75 per cent next year.

That outlook, combined with rising inflation in the United States, which has made a summer rate hike by the Federal Reserve a real possibility, is putting upward pressure on five-year bond yields, which drive fixed mortgage rates in Canada. Consequently, fixed mortgage rates may edge higher heading into the fall.

"Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

Understanding the Key Dates in a B.C. Contract of Purchase and Sale

While the purchase price often gets the most attention, the various dates contained within the contract are equally important because they establish the timeline for the transaction and outline the responsibilities of both the buyer and seller.

Understanding what these dates mean can help reduce confusion and ensure a smoother transaction.

Date of Offer

The date of the offer is simply the day the buyer signs and submits their offer to purchase the property. This date establishes when the offer was made. In British Columbia, a verbal offer is not binding in a real estate transaction.

For an offer to be valid and enforceable, it must be made in writing.

Offer Open for Acceptance

Every offer includes a deadline by which the seller must respond. This is date and time that an "Offer Open for Acceptance". If the seller accepts the offer before this deadline and the acceptance is properly communicated, a contract is formed. If the deadline passes without acceptance, the offer expires automatically.

This deadline helps ensure that buyers are not left waiting indefinitely for a response.

Acceptance Date

The acceptance date is the date on which the seller accepts the buyer's offer and the acceptance is communicated to the buyer or the buyer's representative. Once acceptance has occurred, a legally binding contract is generally created, subject to any conditions contained within the agreement and any applicable statutory rights, such as the Home Buyer Rescission Period.

Buyer's Right of Rescission

In British Columbia, most residential home purchases are subject to the Home Buyer Rescission Period (HBRP), sometimes referred to as the "cooling-off period." The HBRP generally gives a buyer the right to cancel an accepted offer within three business days following acceptance of the contract. If a buyer exercises this right, they must pay the seller a rescission fee equal to 0.25% of the purchase price. 

Not all transactions are subject to the HBRP, and there are exemptions established by legislation. Buyers should seek professional advice if they are unsure whether the rescission period applies to their purchase.

Deposit Date

The deposit is a sum of money provided by the buyer as specified in the contract. The contract will identify both the amount of the deposit and the deadline by which it must be delivered. Deposits are typically held in trust by the brokerage unless otherwise specified.

The deposit forms part of the purchase price upon completion of the sale. If a transaction fails to complete, the handling of the deposit will depend on the terms of the contract and any agreement between the parties or legal determination.

Subject Removal Date

Many offers contain conditions, commonly known as "subjects," that must be satisfied or waived before the transaction becomes firm.

Common subjects may include:

• Financing approval

• Property inspection

• Review of title or disclosure documents

• Sale of the buyer's existing property

The subject removal date is the deadline by which the buyer must either remove or waive these conditions in writing. If the subjects are not removed by the specified deadline, the contract may come to an end unless the parties agree otherwise.

Completion Date

The completion date is the day legal ownership of the property transfers from the seller to the buyer.

On this date:

• The buyer's lawyer or notary transfers the purchase funds.

• Transfer documents are registered with the provincial land title system.

• The seller receives the sale proceeds after adjustments and closing costs.

Completion usually occurs during regular business hours and is often not the same day that the buyer receives the keys.

Adjustment Date

The adjustment date is the date used to calculate financial adjustments between the buyer and seller.

These adjustments may include:

• Property taxes

• Utility charges (where applicable)

• Rental income deposits

• Other prepaid or outstanding expenses related to the property

The goal is to ensure that each party pays only their fair share of expenses for the period during which they own the property. In most residential transactions, the adjustment date is the same as the completion date, although it can differ if the parties agree.

Possession Date

The possession date is the day the buyer receives the right to occupy the property and typically receives the keys.

Possession often occurs the day after completion, although the parties may agree to a different arrangement.

Buyers should avoid scheduling movers, contractors, or other services until possession has been confirmed through their lawyer, notary, or real estate professional.

Property Viewed Date

The contract includes a section where the buyer indicates the date on which they viewed the property.

This date records when the buyer physically viewed the property or acknowledges that the property may not have been viewed before the offer was made. The property viewed section helps document the circumstances surrounding the purchase and forms part of the contract record.

An important provision connected to this section states that the property and all included items will be in substantially the same condition on the Possession Date as when viewed by the buyer, subject to reasonable wear and tear and any changes agreed to by the parties in writing.

This provision helps establish the expectation that the buyer will receive the property in essentially the same condition as it was when they decided to purchase it. For this reason, buyers will often conduct a final walk-through before completion or possession to confirm the property's condition and verify that any agreed-upon inclusions remain in place.

Why These Dates Matter

Every date in a Contract of Purchase and Sale serves a specific purpose. Missing a deadline can have significant consequences, including the loss of contractual rights, delays in closing, or even the termination of a transaction.

Whether you're buying your first home or selling a property you've owned for years, understanding the timeline established by the contract can help you make informed decisions and avoid unnecessary surprises.

Final Thoughts

A Contract of Purchase and Sale is more than just a purchase price and a signature. It is a detailed roadmap that guides the transaction from the initial offer through to possession of the property.

If you are buying or selling real estate in British Columbia, take the time to review each date carefully and ensure you understand its purpose. When questions arise, seek advice from qualified professionals, including your real estate licensee, lawyer, or notary, so that you can proceed with confidence.

This article is intended for general information only and is not legal advice. Real estate transactions can vary, and readers should seek professional advice regarding their specific circumstances.

The British Columbia Real Estate Association (BCREA) reports that 6,790 residential unit sales were recorded in Multiple Listing Service® (MLS®) Systems in May 2026, down 2 per cent from May 2025. The average MLS® residential price in BC in May 2026 was down 1.4 per cent at $945,878 compared to $959,216 in May 2025.

Total MLS® residential sales dollar volume was $6.42 billion, down 3.4 per cent from the same time the previous year. BC MLS® unit sales were 26.39 per cent lower than the ten-year average for the month of May.

“Rising mortgage rates and a weak labour market continue to constrain activity around the province but especially in the Lower Mainland,” said BCREA Chief Economist Brendon Ogmundson. “The recent rise in mortgage rates presents an unexpected headwind for the market this year and may further delay a recovery in activity.”

Year-to-date, BC residential sales dollar volume is down 8 per cent to $25.1 billion, compared with the same period in 2025. Residential unit sales are down 6.9 per cent year-over-year at 26,681 units, while the average MLS® residential price is also down 1.2 per cent to $941,883.

Copyright British Columbia Real Estate Association. Reprinted with permission.