However, year-to-date readings tell a different story
Home sales across British Columbia saw a significant 10.4% annual increase in September, according to the British Columbia Real Estate Association (BCREA).
A total of 5,531 residential sales were completed across the province last month, while overall supply increased by 8.1% annually for a total of 33,145 available units.
On the other hand, year-to-date sales as of September amounted to 59,570 transactions, which as 11.5% lower than the 67,279 sales seen during the same period last year.
“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.”
Lauren Haw of Zoocasa, anticipates that the real estate market will experience increased activity once fall begins, despite a slight cooling in national sales in July. https://t.co/zrbZWrehUg#mortgageindustry #housingmarket #houseprices
— Canadian Mortgage Professional Magazine (@CMPmagazine) August 30, 2023
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.
