Data points: Higher interest rates continue to dampen B.C. home sales
The housing market in British Columbia, particularly in Greater Vancouver, experienced a decline in sales in October. Higher mortgage rates have made housing less affordable, leading to a decrease in MLS home sales. While prices remained high, they did see a decline during the month. The Fraser Valley and Greater Vancouver areas saw the sharpest declines in sales. However, B.C. urban-area housing starts remained resilient, with an increase in activity in October. Multi-family home starts were the main source of growth. Overall, market conditions are expected to remain challenging due to high interest rates and inflation.