By Canadian Press

Real estate market notches downward amid climbing interest rates, association says

Nov 14, 2023 | 12:02 PM

VANCOUVER — British Columbia real estate sales and prices bumped up slightly in October compared with a year ago in what is being described as a balanced market.

Figures from the B.C. Real Estate Association show 5,373 residential units sold last month, a 1.8-per-cent increase from the same month last year, while prices rose by 4.1 per cent over the same period. 

The association’s chief economist Brendon Ogmundson says home sales have slowed as expected given the high borrowing costs and stricter stress tests for buyers. 

However, he says sales inventory of homes remains low, which balances the market to a “very low level of activity.” 

Residential sales were down 13.6 per cent to $63.1 billion for the first 10 months of this year compared with last year.

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The association says residential unit sales between the same period this year and last dropped 105 per cent, while the average price fell 3.4 per cent to $971,802. 

This report by The Canadian Press was first published Nov. 14, 2023. 

The Canadian Press