Supply of Homes for Sale in Metro Vancouver Reached a Three-Year High in June – Home sale activity has dipped below long-term historical averages, leading to the supply of homes for sale in Metro Vancouver* to reach a three-year high in June. Last month’s sales were 28.7% below the 10-year June sales average. June 2018’s residential property sales were 2,425, down 37.7% from the 3,893 sales recorded in June 2017, and a 14.4% decrease compared to May 2018 when 2,833 homes sold.
“Buyers are less active today. This is allowing the supply of homes for sale to accumulate to levels we haven’t seen in the last few years,” Phil Moore, REBGV president said. “Rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buyer activity today.”
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Real Estate Market Update – June 2018 from Team Kerr Vancouver, BC