Home sales in the Greater Vancouver area in August were the second lowest since 1998, according to a new Real Estate Board of Greater Vancouver (REBGV) report.
Residential property sales for detached and attached homes and apartments were just 1,649 in August – a 31% drop compared with August 2011 sales of 2,378, and a 21% decline compared with July sales of 2,098.
August sales were 39% below the 10-year average for August at 2,711. Whether the decline marks the beginning of the correction that some analysts have been predicting remains to be seen, as home prices have remained relatively stable, according to real estate board president Eugen Klein.
“Home sales this summer have been lower than we’ve seen for most of the past ten years, yet we continue to see relative stability when it comes to prices,” he said.
MLS listings were also down in August for detached, attached and apartment properties in Greater Vancouver – just 4,044, a 14% drop compared with August 2011 (4,685).
“Today, our sales-to-active-listings ratio sits at 9%, which puts us in a buyer’s market. This ratio has been declining in our market since March when it was 19%.”
