Vancouver real estate: More home sellers, fewer buyers in September
BNN Bloomberg
More residents were looking to sell their home in Metro Vancouver over the past month, but home buyer demand remained muted, according to the Real Estate Board of Greater Vancouver in a report Tuesday.
The report found residential home sales were at 1,687 in September, which was a 46.4 per cent decrease from the 3,149 sales posted at the same time a year ago.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, director of economics and data analytics at REBGV, in the report.
“This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”
