Key takeaways:
- The previous month’s sales were 23.3 percent below the 10-year June sales average.
- According to the Real Estate Board of Greater Vancouver, home deals fell last month because inflation made customers more conservative.
Prior month’s Greater Vancouver region home sales declined by almost 35 percent since last June, and 16 percent from May 2022 as houses stayed on the market longer. Interest rates increased, the area’s real estate board said Tuesday.
The continued reduction the Real Estate Board of Greater Vancouver saw last month translated to 2,444 sales in the province in June, down from 3,762 during the same month the year before and 2,918 houses in May 2022.
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The board’s chair, Daniel John, attributed last month’s sales drop — 23.3 percent below the 10-year June sales average — to mortgage rates which have grown in sync with interest rate hikes and a 39-year high inflation rate.
“Homebuyers have more choices to choose from and more time to make decisions than they did over the previous year,” John said in a statement. “Increasing interest rates and inflationary problems are making customers more careful in today’s housing market, letting listings to get.”
Source – CBC News
