B.C. home sales slowed by high cost of borrowing: real estate association

Home sales in British Columbia were up in September by more than 10 per cent from the same time last year.

However, the B.C. Real Estate Association says sales activity is clearly being affected by the Bank of Canada's policy on interest rates and the subsequent rise in interest rates.

Chief economist Brendon Ogmundson says home sales are trending at below average levels as potential buyers struggle with the high cost of borrowing.

Active listings in the province were up slightly month-over-month at just over 33,000 total listings and were 8.1 per cent higher year-over-year.

The average residential price in the province was $966,530 in September, up 4.8 per cent compared with September 2022, while total sales in dollar volume were $5.3 billion, a 15.7 per cent increase from the same time last year.

Year-to-date figures point in a different direction with residential sales dollar volume down 15 per cent to $57.9 billion, compared with the same period in 2022.

This report by The Canadian Press was first published Oct. 12, 2023.