After a summer that finally felt like the market was turning a corner, September brought a pause. Province-wide home sales slipped again, and the reason had less to do with what was happening on B.C. streets than with what was happening in oil markets and on Bay Street. If you own a farm or acreage in the Fraser Valley, or you’ve been watching for the right moment to buy one, it’s worth understanding what changed — and what didn’t.

What the September numbers actually showed

The British Columbia Real Estate Association reported roughly 5,250 residential sales across the province in September 2026. That’s about 9% fewer than September 2025, and around a quarter below the ten-year average for the month. Total dollar volume came in near $4.9 billion, down 11% year over year, while the average MLS® price eased 2.4% to just over $924,000.

BCREA’s chief economist, Brendon Ogmundson, pointed to a specific trigger. Summer activity had shown real signs of recovery, but a spike in oil prices revived talk that the Bank of Canada could move rates up rather than down. That kind of uncertainty doesn’t need to become an actual rate hike to change behaviour — the speculation alone was enough to make many buyers step back.

Year to date, about 51,000 homes have sold in B.C., down roughly 6% from the same stretch last year. Almost every region saw fewer September sales than a year ago; only South Peace River and the Kootenays bucked the trend.

Closer to home: Greater Vancouver and the Fraser Valley

Locally, the picture lines up with the provincial one. Greater Vancouver REALTORS® recorded 1,717 sales in September, down about 8% from a year earlier. The Fraser Valley Real Estate Board reported 922 sales, which is 4% below last September, and its composite benchmark price dipped another 1% on the month and is now about 7% lower than a year ago. The Valley has been sitting in buyer’s-market territory for most of the past two years.

It’s important to be clear about one thing: these are broad residential figures. They’re dominated by detached homes, townhomes and condos, not ALR farmland or rural acreage. Farm and acreage transactions are far fewer in number and are driven by a different set of factors. Still, the wider market sets the mood — and right now that mood is cautious.

Why rate talk hits farm and acreage buyers differently

Interest rate uncertainty touches every buyer, but it tends to weigh more heavily on rural property. A few reasons:

Bigger loans, smaller lender pool. Acreage and farm purchases usually involve larger mortgages, and fewer lenders are comfortable with properties where much of the value sits in land rather than the house. When rates are in question, those lenders often tighten terms, ask for larger down payments, or take longer to approve.

Lifestyle buyers are more rate-sensitive. Many acreage buyers are families moving out from Surrey, Richmond or Vancouver for space. They’re often selling a home in the city first, so a slower urban market can delay their move, too.

Operating farmers think in margins. For working farms — berries, nursery stock, greenhouses, livestock — higher borrowing costs feed straight into the numbers on equipment, operating lines and expansion. A farmer weighing whether to add 20 acres will look hard at what financing costs do to the return.

The flip side is that long-term agricultural buyers and investors typically aren’t trying to time a few months of headlines. Good farmland in Langley, Abbotsford, Chilliwack or Delta is limited by the ALR, and that scarcity doesn’t change because of one soft month.

What sellers should take from this

For farm and acreage owners thinking about listing, a cautious market rewards preparation more than optimism. Buyers have choice, and they have time. That means:

Price on the land, not on last spring’s headlines. Strategic pricing should reflect usable acreage, soil quality, water, drainage, outbuildings and farm income — not just the house or what a neighbour hoped to get.

Have your paperwork ready. Well reports, water licences, farm status details, survey plans, and any permits for barns, shops or secondary dwellings make a property far easier for lenders and buyers to say yes to.

Know your timeline. If you’re selling because of retirement, succession or an estate, a slower market doesn’t have to derail the plan — but it does mean building in more runway. It’s worth reviewing tax and estate considerations with your accountant or lawyer well before you list.

What buyers should watch for

For buyers, softer conditions can open real opportunities — more negotiating room, more time for due diligence, and less pressure to waive conditions. But a slower market is not the moment to skip steps.

Get pre-approved with a lender who actually understands agricultural and acreage property, and ask how they treat land value, outbuildings and any secondary residences. Then use your subject period well. Buyers should confirm zoning, ALR rules, water access, septic, drainage, floodplain status and building options during due diligence, rather than assuming what’s allowed. If rates do move, you want your financing locked down and your inspections done — not still in progress.

The bigger picture

BCREA’s most recent forecast still calls for 2026 to finish slightly below 2025, with sales rising again in 2027 as the economy picks up. Forecasts can shift, especially with oil prices and rate expectations moving around, so nobody should treat them as a promise. What we can say is that the Lower Mainland’s farm and acreage supply is fixed in a way urban housing isn’t, and long-term demand for productive land and rural space hasn’t gone anywhere.

A soft month is a signal to be thoughtful, not to panic. Sellers who price realistically and present their property well still find serious buyers. Buyers who do their homework can find value that wasn’t available a year or two ago.

Thinking about your next move?

Whether you’re weighing a sale, planning a farm transition, or looking for acreage in the Fraser Valley, the Farms In BC team can walk you through what today’s market means for your specific property. Reach out at 604-782-0988 for a confidential conversation or a no-pressure market evaluation.