Vancouver home sales drop sharply
Ancouver's housing market slowed considerably in June, with 30 per cent fewer sales than a year ago.Still, the 2,972 sales made it the second-busiest June on record for the West Coast city. The sharp drop is further evidence that the real estate market is beginning to cool after its sharp post-recession runup after a similar drop in May.
Observers have been projecting a slower market, though not one that will come crashing down, in the face of higher mortgage rates and tighter mortgage rules.
National numbers are released by the Canadian Real Estate Association in the middle of the month, but individual real estate boards around the country often release their sales data earlier.
In May, buyers backed away from Canada's housing market, driving sales lower in what is traditionally the busiest month of the year for the country's real estate agents.
Sales fell to 8.5 per cent to 40,393 units in May compared with April. Sales remain elevated by historical markers, but are 15 per lower than last fall's peak.