B.C. Home Market Shows Resilience Amid Rising Rates in May

Rising mortgage rates and a weaker labor market are causing home sales in British Columbia, especially the Lower Mainland, to decline. In May, home sales dropped 2% to nearly 6,800 units, with average prices falling 1.4% to just under $946,000. Residential sales dollar volume decreased 8% to $25.1 billion, and year-to-date unit sales fell nearly 7% to just under 27,000 units.