Home sales move off of record-breaking pace in July
Metro Vancouver homes sales resembled more typical levels in July.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a -18.9% from the 3,978 sales recorded in July 2015 and a -26.7% compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a month.
“After several months of record-breaking sales activity, Home Buyer Demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.
Last month’s sales were 6.5 per cent above the 10-year sales average for the month.
“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”