Properties are selling for less and staying on the market longer, recently released reports on real estate in British Columbia show.
The B.C. Real Estate Association said in a report Thursday that high mortgage rates across Canada continue to impact home sales in the province, and many regions are seeing sales below normal levels.
The BCREA reported a 42 per cent drop in sales in July, compared to the same month last year.
As sales decline, there are now 28 per cent more available homes on the market compared to a very low inventory in 2021.
The association noted the inventory is still low this year, but the slow pace of sales has tipped some regions into balanced, or even buyer-favouring, markets.
At the same time, buyers are still paying more than they were in 2021.
Data from the group HouseSigma published earlier this week showed July’s median…