BC sales activity surges in September

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“Home sales in BC have clearly been impacted by the Bank of Canada’s recent tightening of interest rates, along with the resulting surge in mortgage rates,” said Brendon Ogmundson, chief economist of BCREA.

“Home sales are once again trending at below average levels as potential buyers struggle with a high cost of borrowing.”

September sales volume posts strong numbers, but YTD results fall

The province’s average sales prices went up by 4.8% year over year to reach $966,530 in September. Total sales dollar volume for the month amounted to $5.3 billion, representing a 15.7% annual increase.

Conversely, BC’s year-to-date residential sales dollar volume fell by 15% annually to settle at $57.9 billion, compared with the same period in 2022. The average YTD residential price also declined by 4% to $972,049, BCREA reported.

 

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