The number of residential homes sold in British Columbia dropped precipitously from July last year, but prices still managed up edge upward.
That’s according to the latest data from the B.C. Real Estate Association, which reported just fewer than 5,600 home sales in July, down 42.4 per cent year over year.
Despite that, the average price across all home types crept up to $923,449, 3.6 per cent higher than July, 2021.
The average price for a home in Greater Vancouver climbed 3.3 per cent to $1.2 million, while in the Fraser Valley the average price rose 4.2 per cent to $1.15 million.
“High mortgage rates continued to lower sales activity in July,” wrote BCREA chief economist Brendon
Ogmundson in Thursday’s update.
“Many regions around the province have seen sales slip to levels well below normal for this time of year.”
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Big drops in sales volume were recorded across most of the province, with a 57 per cent decrease in Chilliwack leading the pack.
Powell River (54.8 per cent), the Fraser Valley (50.6 per cent) and Greater Vancouver (43.6 per cent) also saw significant drops, while the Kootenay region (15.3 per cent) saw the smallest dip.
The BCREA said the sales slowdown coincided with an increase in inventory, with active listings up 28 per cent.
While inventories remain low overall, it said some regional markets were beginning to tip into balanced, or even buyers’ market territory.