Sales counts slowed in the Central Okanagan in June after a spring surge, while supply grew. With the arrival of summer and the Bank of Canada raising interest rates once again, balanced conditions are likely already here.

Higher interest rates, combined with concerns the hiking hasn’t yet been halted, continue to impact the Vancouver Region’s housing market, with home sales falling for a third consecutive month in August and inventory shrinking for the first time in six months.

April marked the third straight month of increasing home sales counts in the Vancouver Region, with buyers keeping up the pressure on supply. Indeed, continued demand combined with new listings lethargy means a material inventory expansion will likely be elusive in the months ahead.