{"id":19913,"date":"2022-05-18T10:10:00","date_gmt":"2022-05-18T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19913"},"modified":"2022-05-03T13:31:08","modified_gmt":"2022-05-03T20:31:08","slug":"bc-housing-market-remained-active-but-rising-interest-rates-curb-sales-prices","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-housing-market-remained-active-but-rising-interest-rates-curb-sales-prices\/","title":{"rendered":"BC Housing Market Remained Active But Rising Interest Rates Curb Sales &#038; Prices"},"content":{"rendered":"<p style=\"text-align: justify;\">British Columbia\u2019s housing market remained active through March but is expected to downshift as rising interest rates curb sales and prices.<\/p>\n<p style=\"text-align: justify;\">Multiple Listing Service (MLS) home sales fell 0.8% to a seasonally adjusted 9,940 units. While nearly a quarter lower than last year\u2019s high-water mark, levels remained elevated and amounted to the third-highest same-month sales on record. Six of the 12 regional real estate board areas reported declines, with sharp drop-offs in Chilliwack (-23%), Victoria (-12%), and Kamloops (-12%) following strong February gains.<\/p>\n<p style=\"text-align: justify;\">Elevated sales and low inventory kept prices firm, with an average MLS price of $1.045 million, up 15% year over year. The average price in the Greater Vancouver (-1.8%) and Fraser Valley (-7.7%) real estate board areas eased, while prices generally increased in other regions.<\/p>\n<p style=\"text-align: justify;\">Composite benchmark values which adjust for housing attributes remained positive.<\/p>\n<p style=\"text-align: justify;\">While the market remains strong, a slowdown is anticipated due to affordability erosion from the triple whammy of higher interest rates, home prices and general inflation. Fixed rates have already climbed to above 3.6% to lift mortgage stress-test thresholds, while variable mortgage rates will continue to move higher as the Bank of Canada hikes rates. Elevated first-quarter activity was buoyed by buyers looking to use lower rate pre-approvals. Adding to this pressure will be a decline in households looking to move further to suburban markets and smaller urban areas as more workplaces require employees to return to the office more frequently.<\/p>\n<p style=\"text-align: justify;\">MLS home sales fell 20.1% to 26,577 units from a year ago through the first quarter, while the average price rose 20% to $1.086 million.<\/p>\n<p style=\"text-align: justify;\">BC consumer spending slipped in February with retail sales down 0.9% to a seasonally adjusted $8.22 billion marking a second decline in five months. Year over year, sales were up a scant 0.2% compared with 0.9% in January, reflecting a flat sales environment for nearly all of 2021 and strong growth in 2020 as spending rotated toward services, tourism and event spending. \u2022<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2022\/05\/hot-bc-housing-market-set-cool\" target=\"_blank\" rel=\"noopener\">Hot BC Housing Market Set to Cool<\/a> by Bryan Yu | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>British Columbia\u2019s housing market remained active through March but is expected to downshift as rising interest rates curb sales and prices. Multiple Listing Service (MLS) home sales fell 0.8% to &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-housing-market-remained-active-but-rising-interest-rates-curb-sales-prices\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19913","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Housing Market Remained Active But Rising Interest Rates Curb Sales &amp; Prices &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/05\/bc-housing-market-remained-active-but-rising-interest-rates-curb-sales-prices\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Housing Market Remained Active But Rising Interest Rates Curb Sales &amp; Prices &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"British Columbia\u2019s housing market remained active through March but is expected to downshift as rising interest rates curb sales and prices. 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