British Columbia suffered a major dip in home sales during July, but the situation could get better if interest rates drop, according to a new report by the British Columbia Real Estate Association (BCREA).
Sales were up 12.9% in July compared to a year ago, while average prices were up 10% over the same period. But even with adjusting for the typical drop in July activity, seasonally-adjusted sales are trending down in the province.
BCREA said seasonally adjusted sale fell 4% in July from June. The raw numbers pointed to larger downward trend, with sales dropping 17% to 6,533 in July from 7,904 sales in June.
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