High mortgage rates are slowing down real estate markets across B.C. as interest rates continue their climb from historic lows.
In June, 7,136 residential sales were recorded on the Multiple Listing Service , a decrease of 35.7 per cent compared to last June and a 13 per cent dip compared to the previous month.
Some of the most dramatic sales declines have occurred in Chilliwack, which recorded a 54 per cent drop in June sales compared to the previous year. Sales are slowing down despite an increase in the number of active listings: June saw 16.4 per cent higher active listings across the province compared to June 2021, said the BCREA.
In Greater Vancouver, the average home price is at nearly $1.8 million — a 10.8 per cent increase from June 2021 — while the Fraser Valley’s average price sits at $994,491, an 18 per cent increase.
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