Account Login/Registration

Access KelownaNow using your Facebook account, or by entering your information below.


Facebook


OR


Register

Privacy Policy

BC Real Estate Association says sales activity impacted by high cost of borrowing

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.

<who>Photo Credit: Canadian Press

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.



If you get value from KelownaNow and believe local independent media is important to our community we ask that you please consider subscribing to our daily newsletter.

If you appreciate what we do, we ask that you consider supporting our local independent news platform.


Send your comments, news tips, typos, letter to the editor, photos and videos to news@kelownanow.com.




weather-icon
Mon
24℃

weather-icon
Tue
25℃

weather-icon
Wed
23℃

weather-icon
Thu
18℃

weather-icon
Fri
23℃

weather-icon
Sat
26℃

current feed webcam icon

Recent Livestream




Top Stories

Follow Us

Follow us on Instagram Follow us on Twitter Like us on Facebook Follow us on Linkedin Follow us on Youtube Listen on Soundcloud Follow Our TikTok Feed Follow Our RSS Follow Our pinterest Feed
Follow Our Newsletter
Privacy Policy