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B.C. housing market supply ‘historically low,’ could increase with rising mortgage rates – Vernon Morning Star

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FILE – A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

B.C. housing market supply ‘historically low,’ could increase with rising mortgage rates

BCREA says that even with rising rates, it will take time for supply to recover




The province’s housing market is at a “historically low supply,” according to the B.C. Real Estate Association.

According to the association, active residential listings were down nearly 40 per cent year-over-year for October, continuing a five-month downward trend.

A total of 9,593 residential unit sales were recorded in October, a drop of 13.7 per cent since the same month last year, while the average price was up 18.9 per cent to $964,777.

Unit sales have fallen across most of B.C. with the biggest…

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