National

Spike expected in homes sales in 2024

Darpan News Desk The Canadian Press, 25 Jan, 2024 01:01 PM

Homes sales in the province are forecast to increase this year by 7.8 per cent, in what the B-C Real Estate Association says will be a delicate balance for the market.

The association’s Brian Ogmundson says headwinds slowed last year’s sales with elevated mortgage rates, but the recent decline in fixed mortgage rates and the potential for Bank of Canada rate cuts make it a more optimistic year.

Ogmundson, who’s the chief economist at the association, says there will be a balance between rising sales and normalizing inventory, which should mean a relatively quiet year for prices.

The association says it believes lower inflation and softening economic growth will allow the Bank of Canada to lower its policy rate, spurring higher home sales.

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