British Columbia home sales at decade low

Home sales in the Canadian province of British Columbia during July fell to their lowest level this decade amid a rising number of for-sale inventory and increasingly cautious buyers, according to a report this month in The Vancouver Sun.

Sales through the multiple listing service totaled 6,541 units last month, a drop of 37 percent from a year ago. Although listing inventory jumped 63 percent in the last 12 months, the average price of a British Columbia home sank just 0.5 percent to $444,358, according to the report.

British Columbia Real Estate Association Chief Economist Cameron Muir attributed most of the drop-off in demand to "low consumer confidence," adding that car sales and retail sales have also slowed amid soaring fuel prices.

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