Vancouver housing sales drop
Home sales in the Vancouver region have tumbled to their lowest level in six years while prices flat line, with listings languishing on the market.
There have been fewer home buyers recently but prices tend to be slow to react before declining, said real estate economist Tom Davidoff of the University of British Columbia’s Sauder School of Business.
Prices began surging regionally in mid-2013. Those huge spikes ended in mid-2016, shortly before the B.C. government introduced the foreign-buyers tax in August of that year for the Vancouver area.
Total residential sales volume last month fell to 2,425 transactions, down 37.7 per cent from 3,893 sales in June, 2017. Last month’s sales, the lowest for June since 2012, were 28.7 per cent under the 10-year average for the month, according to the Real Estate Board of Greater Vancouver.