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Home prices slipping in B.C. as rate hikes tame demand

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The pandemic real estate surge is over as interest rates rise to tame inflation.

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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