Business

Real estate sales sag

  -
— image credit:

Greater Vancouver home sales hit a 10-year low in June, down more than 27 per cent from a year ago.

The Real Estate Board of Greater Vancouver called it further evidence of a buyer's market where potential purchasers have more to choose from and don't have to race to beat out other bidders.

Despite weakening sales there's been little sign so far of home prices dropping significantly.

The benchmark residential property price declined 0.7 per cent from May to June and was still up 1.7 per cent from a year ago.

Benchmark prices ranged from $961,600 for single detached houses (up 3.3 per cent from June 2011) to $376,200 for condos (up 0.3 per cent) and $468,400 for attached homes (down 0.1 per cent.)

Sales counted by the Fraser Valley Real Estate Board were down eight per cent since June 2011, although the realtor association said the ratio of sales to listings in the Valley has held steady.

Fraser Valley benchmark prices for detached houses were up 3.6 per cent from a year ago to $551,000 in June, while townhouses held even at $305,000 and condos were up 0.7 per cent to $203,600.

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.

You might like ...

Bank of Canada cuts rate; Effect on cross-border shopping, homebuyers (VIDEO)
 
Court date set for mother
 
Delta greenhouse grows financial awards for Kwantlen students
HTML500 bootcamp brings turns Vancouver into Canadian coding capital (VIDEO)
 
B.C. First Nation launches study of Gibraltar Mine
 
Soccer coach under investigation
Deadly dog walker sent to jail
 
Highway 1 split a preview of Port Mann Bridge local lanes
 
Legendary skater Toller Cranston dead at 65

Community Events, January 2015

Add an Event

Read the latest eEdition

Browse the print edition page by page, including stories and ads.

Jan 27 edition online now. Browse the archives.