In August, home sales across B.C. slowed down significantly, according to the B.C. Real Estate Association, with sales 10% lower than in August 2023 and 22% below the 10-year seasonal average. Despite the Bank of Canada’s three consecutive interest rate cuts, including the most recent drop to 4.25%, buyers remain cautious. A total of 5,943 homes were sold in August.
The slowdown in sales came with a 1.7% decrease in average home prices across the province, now at $938,500. In Greater Vancouver, prices dipped 2.5% to nearly $1.25 million, despite a 37% increase in listings. The market in Greater Vancouver is considered balanced, with 13.8 sales per 100 listings, a decline from last year’s more competitive seller’s market of 22.7 sales per 100 listings.
Victoria also saw prices drop by 7%, now averaging $948,066, while the Fraser Valley experienced a price increase of 6%, bringing the average to $1,059,005.
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