{"id":22781,"date":"2023-10-16T10:10:00","date_gmt":"2023-10-16T17:10:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=22781"},"modified":"2023-10-12T10:00:59","modified_gmt":"2023-10-12T17:00:59","slug":"bc-home-sales-have-been-impacted-by-bank-of-canada-tightening-of-interest-rates","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/10\/bc-home-sales-have-been-impacted-by-bank-of-canada-tightening-of-interest-rates\/","title":{"rendered":"BC Home Sales Have Been Impacted by Bank of Canada Tightening of Interest Rates"},"content":{"rendered":"<p style=\"text-align: justify;\">Vancouver, BC \u2013 October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems in September 2023, an increase of 10.4% from September 2022. The average MLS\u00ae residential price in BC was $966,530 up 4.8% compared to September 2022. The total sales dollar volume was $5.3 billion, representing a 15.7% increase from the same time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cHome sales in BC have clearly been impacted by the Bank of Canada&#8217;s recent tightening of interest rates, along with the resulting surge in mortgage rates,\u201d said BCREA Chief Economist Brendon Ogmundson. \u201cHome sales are once again trending at below average levels as potential buyers struggle with a high cost of borrowing.\u201d<\/p>\n<p style=\"text-align: justify;\">Active listings in the province were up slightly month-over-month at just over 33,000 total listings and were 8.1% higher year-over-year.<\/p>\n<p style=\"text-align: justify;\">Year-to-date BC residential sales dollar volume was down 15% to $57.9 billion, compared with the same period in 2022. Residential unit sales were down 11.5% to 59,570 units, while the average MLS\u00ae residential price was down 4% to $972,049.<\/p>\n<p><a href=\"https:\/\/www.bcrea.bc.ca\/wp-content\/uploads\/2023-09.pdf\" target=\"_blank\" rel=\"noopener\">Click here<\/a> for the complete news release, including detailed statistics.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.bcrea.bc.ca\/economics\/renewed-bank-of-canada-tightening-slows-sales-activity\/\" target=\"_blank\" rel=\"noopener\">Renewed Bank of Canada Tightening Slows Sales Activity<\/a> by Brendon Ogmundson | Chief Economist | BCREA<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vancouver, BC \u2013 October 12, 2023. The British Columbia Real Estate Association (BCREA) reports that a total of 5,531 residential unit sales were recorded in Multiple Listing Service\u00ae (MLS\u00ae) systems &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/10\/bc-home-sales-have-been-impacted-by-bank-of-canada-tightening-of-interest-rates\/\">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-22781","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BC Home Sales Have Been Impacted by Bank of Canada Tightening of Interest Rates &#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\/2023\/10\/bc-home-sales-have-been-impacted-by-bank-of-canada-tightening-of-interest-rates\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Home Sales Have Been Impacted by Bank of Canada Tightening of Interest Rates &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Vancouver, BC \u2013 October 12, 2023. 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