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BCREA – Housing Market Activity Remains Slow in November

The British Columbia Real Estate Association (BCREA) reports that a total of 4,512 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in November 2022, a decrease of 50.8 per cent from November 2021 and about 30 per cent below a historical average November. The average MLS® residential price in BC was $906,785 an 8.6 per cent decrease from $992,245 recorded in November 2021. Total sales dollar volume was $4.1 billion, a 55 per cent decline from the same time last year. [read more]

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BCREA Economics – Bank of Canada Interest Rate Announcement – October 26, 2022

The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 3.75 per cent, its highest level since 2008.  In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand and tight labour markets and as a result inflation remains elevated. [read more]

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