Experts blame higher mortgage rates and a continued reluctance among buyers for the below\u002Daverage sales activity.
Experts blame higher mortgage rates and a continued reluctance among buyers for the below-average sales activity.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter. Postmedia Network Inc.
Last month’s sales were 33 per cent below the 10-year February sales average, according to the report. Andrew Lis, REBGV’s director, economics and data analytics, said with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year.
“On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments,” said Lis, in a statement.
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