Home sales tumbled in Vancouver last month, adding to evidence that interest rate hikes are pushing many would-be buyers to the sidelines.
The Real Estate Board of Greater Vancouver said in a release on Wednesday there were 1,887 sales across the region last month; that represents a 43.3 per cent plunge from a year earlier, and a drop of 22.8 per cent from June. The real estate board added that July’s sales activity was 35.2 per cent below the 10-year average for the month.
“Homebuyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns. This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months,” said REBGV Chair Daniel John in a release.
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