The British Columbia Real Estate Association says higher interest rates are dampening demand for residential properties, resulting in fewer sales and some regions in the province flipping from a sellers’ market to a buyers’ market
Meanwhile, comparing June 2022 to June 2021, the average residential home price was up 14% to $1.05 million. Average home sale prices have declined 10% in Greater Vancouver since February but are up 1.3% year over year to June. The average Greater Vancouver property is priced at $1.22 million.
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