Northern B.C home sales slow down amid interest rate hikes


home-sales

The B.C. Northern Real Estate Board reported 468 units sold in June 2022 which is a sharp decrease from this time last year.

The almost 15 per cent decline comes as interest rates climb.

In a news release Wynnette Lowes, President of the BC Northern Real Estate Board said “Home sales are declining in almost all areas of the country as interest rates continue to rise. We expect a continued moderation through the remainder of the year as more rate hikes come into effect.”

The Bank of Canada is expected to raise interest rates again Wednesday.