Drop in mortgage rates giving boost to B.C. housing market

Another healthy jump in real estate sales across the Lower Mainland in June is putting some areas “on the cusp” of a seller’s market where demand outstrips supply and pushes prices higher, according to reports released Thursday by the region’s major real estate boards.

The most recent sales results fit with Central 1 Credit Union’s latest housing forecast, which estimates that the surprise cut in mortgage rates earlier this year will produce a modest, steady rise in housing demand even as interest rates move higher in coming years.

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