Home sales continue to slow in this province and prices are going down because of it, according to the latest housing outlook from Central 1 Credit Union. Buyers sitting on the sidelinesAs some bide their time to see if prices will fall further, the report finds 'recessionary conditions' in B.C. "Typically when we see housing market downturns, they're preceded by a weaker economic environment such as job losses or a global recession," said Yu. That's one of the big reasons we have such a low sales environment; people still can't get the financing to get into the market. "Whether you feel that's right or wrong they are undoubtedly cutting into demand of the housing market right now, though largely from investors or buyers from abroad," said Yu.

Source: CBC News May 28, 2019 12:56 UTC