Sales in Canada’s most expensive housing market continue to plummet with the Greater Vancouver area hitting a 10-year low in June for activity.
The Real Estate Board of Greater Vancouver said there were 2,362 property sales in June, a 27.6% drop from a year earlier and a 17.2% decline from just May.
Overall, there are 18,493 properties for sale in the area through the MLS, a 22% increase from a year ago and a 3.7% jump from May.
“Conditions have trended in favour of buyers in our marketplace in recent months,” said Eugen Klein, president of the board. “This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
So, 3 consecutive months with number of sales at the lowest since 2001 or 2002 in Vancouver:
- May 2012: "The group says there were 2,853 sales through the Multiple Listing Service in May, 15.5% decline from a year earlier. May sales were the lowest for the month since 2001 and 21.1% below the 10-year May sales average."
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