(Vancouver) Home sales in Greater Vancouver fell 46 per cent in September from the same month last year, and 10 per cent from August, the Vancouver Real Estate Board said Tuesday. region citing a drop in buyer confidence in the wake of interest rate hikes.
Posted at 1:12 p.m.
The number of residences changing hands stood at 1,687 last month, compared to 3,149 in September 2021 and 1,870 in August, the real estate board said.
Last month’s sales were nearly 36% below their 10-year average for a month of September.
According to the real estate board’s director of data analysis, Andrew Lis, the drop in selling levels is attributable to the Bank of Canada’s interest rate hike, which is trying to reduce inflation.
These increases contributed to the rise in the market’s composite benchmark price, which reached $1,155,300 last month. This represents a growth of 3.9% compared to last September, but a decrease of 2.1% compared to August.
The number of homes currently listed for sale in the area is 9,971, an increase of 8% from September 2021 and a jump of about 3% from August.
“As the number of home sales declines and new listings continue to come onto the market, inventory is starting to build up, giving buyers more choice than last year,” said Ms. Read in a statement.
“With greater supply and less demand in this market cycle, residential home prices have declined slightly in the region over the past six months. »