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Higher sales in June bring hope to Vancouver's housing market

Five-per-cent sales uptick in June, RBC reports two months needed to confirm rebound
Listings are up, sales are down in Metro Vancouver, according to new RBC report

Vancouver's real estate market saw a glimmer of hope in June with a five-per-cent increase in sales compared with May.

This uptick wasn't quite enough to surpass sales figures from the same time last year, according to a July 9 report from RBC.

Economist and report author Rachel Battaglia said in the report it will take two more months of steady activity to confirm if there’s really a true market rebound going on in Metro Vancouver. 

Listings in the region swelled by seven per cent compared with the same period last year, while home resales declined by -19.1 per cent.

The influx of multi-unit dwellings helped stabilize costs, as almost all the growth in new listings over the last year came from medium and high-density housing, according to RBC’s report.

Battaglia speculated inventories will increase further as frugal buyers wait for more rate cuts.

The Bank of Canada makes its next interest rate announcement July 24.

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