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Housing market remains pricey

Darpan News Desk The Canadian Press, 29 Aug, 2023 01:52 PM

The B-C Real Estate Association says residential property prices in the province have risen despite a drop in sales this year, owing to low inventory on the market.

The B-C-R-E-A says in its third quarter forecast that home sales in the province through Multiple Listing Service are expected to fall by 2.8 per cent this year to just over 78-thousand units.

B-C-R-E-A Chief Economist Brendon Ogmundson says uncertainty about possible future interest rate cuts from the Bank of Canada may cool both home sales and prices.

The forecast says the average home sale price in B-C reached more than one-million-dollars in May but is expected to fall to 976-thousand-dollars by year's end, a 2 per cent decline from 2022.

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