Record housing supply isn’t just a problem in Metro Vancouver, according to a new report from the British Columbia Real Estate Association (BCREA).
The association said Wednesday that just under 9,600 homes were sold in October, down 13.7% from the same month a year ago.
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The average price was $964,000, up nearly 19% from a year ago.
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Active listings fell 40 per cent year over year in October, falling to a historic low for the province. On a seasonally adjusted basis, active listings have declined for five consecutive months.
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“The story across the province continues to be record enrollment numbers,” said BCREA Chief Economist Brendon Ogmundson.
“Rising mortgage rates should start to dampen selling activity next year, but even with demand moderating, it will take some time for home inventory to return to a healthy level.”
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