Vancouver home sales down from August, way down from a year ago
Andrew Lis, the board’s director of economics and data analytics, attributed the lower sales levels to the Bank of Canada hiking interest and mortgage rates in an effort to tamp down on inflation.
Those hikes have contributed to the market’s composite benchmark price reaching $1,155,300 last month, up 3.9 per cent from last September but down 2.1 per cent from August. The number of homes currently listed for sale in the area is 9,971, an eight per cent increase compared with September 2021 and a roughly three per cent jump from August.
“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said, in a news release. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”
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