Vancouver's June home sales down 16% from May: Board
BNN Bloomberg
Last month's Greater Vancouver area home sales dropped by about 35 per cent since last June and 16 per cent from May 2022 as houses remained on the market longer and interest rates rose, the region's real estate board said Tuesday.
The continued easing the Real Estate Board of Greater Vancouver detected last month translated to 2,444 sales in the region in June, down from 3,762 during the same month the year before, and 2,918 homes in May 2022.
The board's chair, Daniel John attributed last month's sales dip -- 23.3 per cent below the 10-year June sales average -- to mortgage rates which have increased in sync with interest rate hikes and a 39-year high inflation rate.
"Homebuyers have more selection to choose from and more time to make decisions than they did over the past year," John said, in a statement.
