Higher interest rates push B.C. homes sales back toward normal: association

The British Columbia Real Estate Association says the sharp increase in mortgage rates is pushing the province's home sales down "a path to normalizing," although it estimates a balanced market is at least a year away.

The association has released the B.C. home sales figures for April, showing 8,939 properties changed hands last month, a decrease of 34.9 per cent from the record high set in April last year. 

However, prices continue to climb, averaging $1.065 million in April, a 12.9 per cent increase over the same period in 2021.

Association chief economist Brendon Ogmundson says fewer homes are listed for sale, meaning market conditions remain tight, but listings are "starting to accumulate" in some markets.