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.
CTVNews.ca Top Stories
Invasive and toxic hammerhead worms make themselves at home in Ontario
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
Opinion I just don't get Taylor Swift
It's one thing to say you like Taylor Swift and her music, but don't blame CNN's AJ Willingham's when she says she just 'oesn't get' the global phenomenom.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
Tornadoes collapse buildings and level homes in Nebraska and Iowa
Tornadoes wreaked havoc Friday in the Midwest, causing a building to collapse with dozens of people inside and destroying and damaging hundreds of homes, many around Omaha, Neb.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
It's 30 years since apartheid ended. South Africa's celebrations are set against growing discontent
South Africa marked 30 years since the end of apartheid and the birth of its democracy with a ceremony in the capital Saturday that included a 21-gun salute and the waving of the nation's multicolored flag.
Britney Spears settles long-running legal dispute with estranged father, finally bringing ultimate end to conservatorship
Britney Spears has reached a settlement with her estranged father more than two years after the court-ordered termination of a conservatorship that had given him control of her life, their attorneys said.
opinion RFK Jr.'s presidential candidacy and its potential threat to Biden and Trump
Although it's still unclear how much damage Robert F. Kennedy Jr.'s candidacy can do to either Joe Biden or Donald Trump this election, Washington political columnist Eric Ham says what is clear is both sides recognize the potential threat.