Vancouver area on track to see home prices stabilize amid higher borrowing costs: real estate board

The Real Estate Board of Greater Vancouver reports that higher borrowing costs, combined with seasonal patterns, are causing the housing market to slow its sales and prices to stabilize. August sales were 13.8% below the 10-year seasonal average, yet 21% higher than a year earlier. New listings rose 18% from a year earlier, but were still below the 10-year average. Despite these trends, the composite benchmark price for the Vancouver area still increased by 2.5% from August 2022. The board's director of economics and data analytics says that the market is tempering, but is still in line with historical seasonal patterns.