National

Slow home sales in BC

Darpan News Desk The Canadian Press, 14 Nov, 2023 04:43 PM

The B-C Real Estate Association's chief economist says high borrowing costs and stricter stress tests for buyers have led to an expected slowing of home sales in the province.

However, Brendon Ogmundson says inventory remains low, balancing the market at what he says is a very low level of activity.

The association's latest figures show five-thousand, 373 residential units sold last month, a 1.8 per cent increase from the same month last year, while prices rose 4.1 per cent over the same period.

Residential sales were down 13.6 per cent to 63.1-billion dollars for the first 10 months of this year compared with last year.

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