Rising interest rates and inflationary fears are having their effects on our province’s housing market.
The B-C Real Estate Association reports housing sales across British Columbia were down more than 42 per cent
last month, compared to July of 2021.
Despite that, the average price of a home climbed by 3.6 per cent, to over 932-thousand dollars.
The Association says high mortgage rates contributed to the fall in sales, with consumers becoming more reluctant to take on new debt, or failing to qualify for the mortgages they sought.
– with files from Vista Radio newswire