National

Home sales to dip in BC over the next year

Darpan News Desk The Canadian Press, 25 Oct, 2023 12:26 PM

The B-C Real Estate Association says "the anchor that is (Canada's) monetary policy" will continue to weigh down home sales in this province over the next year.

The association has released its fourth-quarter housing forecast showing residential sales are expected to dip nearly five per cent to just under 77-thousand units this year.

The forecast predicts sales will rebound in 2024 by about the same amount, but it says -- overall -- as long as the Bank of Canada keeps interest rates at or around five per cent, home sales will remain sluggish.

When looking at the fourth quarter, the association says more new listings arrived in the second half of this year which, combined with slowing sales, created a mild uptick in total inventory -- but it says homes listed for sale are still well below the needs of a healthy, balanced market.

Prev Next

MORE National ARTICLES

Interest rates to stay high

Experts are warning the next few years will likely see sharp mortgage payment increases amid expectations that interest rates will stay higher for longer. Variable rate mortgage holders have already seen their payments surge by more than 49 per cent on average, according to Bank of Canada data, but many fixed rate holders still haven't felt the sharp rise in rates.

Interest rates to stay high

Who will become Manitoba's next premier? A look at party leaders vying for the job

Manitoba's provincial election is to take place Tuesday. Here's a look at the leaders of the province's three parties that have seats in the legislature.

Who will become Manitoba's next premier? A look at party leaders vying for the job

Diwali fireworks advisory issued despite warnings it might be discriminatory: emails

An Environment Canada advisory that singled out Diwali fireworks as a reason to prepare for poor air quality last October was issued despite multiple warnings from some staff about it being discriminatory. The advisory was edited and an apology issued within hours as complaints poured in to the national weather service the morning the annual Indian festival of lights was set to begin.

Diwali fireworks advisory issued despite warnings it might be discriminatory: emails

RCMP confirm Indigenous teen missing in Williams Lake has been found safe

RCMP Staff Sgt. Kris Clark says the 13-year-old is safe. He did not say where she was found. An earlier release from the Williams Lake detachment said she was not believed to have left the Cariboo city.

RCMP confirm Indigenous teen missing in Williams Lake has been found safe

Fire in Vancouver's Kerrisdale neighbourhood destroys or damages five businesses

Vancouver Fire and Rescue Chief Karen Fry says in a social media post that flames broke out before midnight Sunday prompting a three-alarm response to the large fire. The blaze involved five shops on 41st Avenue between Maple Street and East Boulevard, including two restaurants, a bakery, a yogurt shop and a vegetable market.

Fire in Vancouver's Kerrisdale neighbourhood destroys or damages five businesses

Winter tires now required

B-C's winter driving regulations are now in effect. Winter tires or chains are required on most highway routes throughout the province from the start of October to the following spring.