Latest real estate figures show ‘sign of traction for B.C.’s beleaguered market,’ says credit union group

Central 1 — a group that manages funds for credit unions in B.C. — says housing sales and prices rebounded in February.

The group defined it as “a sign of traction for B.C.’s beleaguered market.”

“However, it is too early to call this a shift in momentum given persistence of strained affordability, alongside both economic and interest rate uncertainty,” said Central 1 chief economist Bryan Yu.

The Canadian Real Estate Association released its February data on Wednesday, showing that the number of home sales Canada-wide had increased a few per cent over January, but still well below last February when sales records were being broken based on pandemic enthusiasm. At that time, interest rates were around two per cent for a five-year fixed mortgage. They are now around five per cent.

“Insufficient supply is maintaining balanced conditions in most markets, and sellers’ conditions,” Yu said.