The B.C. Real Estate Association says the slowdown in the housing market provincewide continued in January.
Sales were down 33 per cent compared to the same month last year, and the average residential price of just under $666,000 was down 7.7 per cent from a year ago.
Association chief economist Cameron Muir says the federal government created a policy-induced affordability shock last year when it tightened mortgage rules, and the resulting pullback in consumer demand is largely responsible for January’s lackluster performance.
“Many B.C. regions are now exhibiting buyer’s market conditions. “However, BC Northern, the Kootenay, Okanagan Mainline and the Vancouver Island markets continue to reflect balance between supply and demand,” said Muir.