Canadian Real Estate Sales Drop Over 11%, BC Home To Biggest Declines
Canadian real estate sales are slowing in the country’s biggest markets. Canadian Real Estate Association (CREA) numbers show June 2018 saw large declines compared to last year. Most of Canada’s major markets faced declines, but British Columbia bared the brunt of them.
Canadian Real Estate Sales Drop Over 11%
Canadian real estate sales are still down bigly from last year. CREA reported 47,413 sales in June, down 6.37% from the month before. This represents an 11.12% decline compared to the same month last year. The monthly drop is fairly normal, but the decline from last year isn’t. Over the past five years, the annual numbers have only dropped twice – this year, and last year.
British Columbia’s Real Estate Markets Lead For Sales Declines
British Columbia is home to the biggest declines in sales across Canada. Fraser Valley reported 1,380 sales in June, a 44.11% decline from last year. Vancouver came in at 2,467 sales, a 37.59% decline from last year. Victoria reported 678 sales, a 29.52% decline from last year. The industry is blaming a policy measure that cracks down on second homes, but seriously? We thought the industry was saying there’s no empty homes in BC? Strange that it would be so impactful.