How high mortgage rates are impacting B.C. home sales and prices
Properties are selling for less and staying on the market longer, recently released reports on real estate in British Columbia show.
The B.C. Real Estate Association said in a report Thursday that high mortgage rates across Canada continue to impact home sales in the province, and many regions are seeing sales below normal levels.
The BCREA reported a 42 per cent drop in sales in July, compared to the same month last year.
As sales decline, there are now 28 per cent more available homes on the market compared to a very low inventory in 2021.
The association noted the inventory is still low this year, but the slow pace of sales has tipped some regions into balanced, or even buyer-favouring, markets.
At the same time, buyers are still paying more than they were in 2021.
Data from the group HouseSigma published earlier this week showed July's median price in Metro Vancouver is now at $880,000. The BCREA had the average across the entire province at $923,449.
According to HouseSigma, the median it's seeing now is 0.9 per cent lower than the average price in June of this year, but slightly higher than in July 2021.
Looking at the last six months, the median for the region as a whole has dropped 14.4 per cent, the company said.
HouseSigma looked at specific municipalities, and found that buyers in Delta and Surrey are seeing the biggest decreases in price when comparing July to February.
According to its data, the median in Delta is down 24.7 per cent, and in Surrey, 24 per cent.
Coquitlam is the only municipality it looked at where buyers are actually paying a bit more (3.9 per cent) than they were towards the start of the year.
CTVNews.ca Top Stories
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
Being harassed at work? What to consider when deciding what to do next
If you've been the victim of workplace harassment, it can be difficult to feel you're not alone - and even more difficult to know where to go with a complaint.
Sunshine list: These were the Ontario public sector's highest earners in 2023
Ontario released its annual sunshine list Thursday afternoon, noting that the largest year-over-year increases were in hospitals, municipalities, and post-secondary sectors.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Half of Canadians support TikTok ban, with U.S. concerns 'trickling' north: poll
A new poll indicates 51 per cent of Canadians support banning the social media app TikTok, after a U.S. bill aiming to do just that passed in the House of Representatives.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.