British Columbia home sales have been hit by the interest rate hikes the Bank of Canada reignited in June. According to the British Columbia Real Estate Association (BCREA), the province’s average home price went up by 4.9 per cent last month, compared to September 2022.
BCREA Chief Economist, Brendon Ogmundson, reports, “Home sales in BC have clearly been impacted by the Bank of Canada’s recent tightening of interest rates, along with the resulting surge in mortgage rates.”
The association reports that total September sales was about $5.3 billion, nearly a 16 per cent jump from September the prior year.
Compared to that same period, year-to-date sales volume went down by 15 per cent, to nearly $58 billion.
Unit sales also decreased by 11.5 per cent, to 59,570 units, while year-to-date average price dropped 4 per cent to $972,049.