BUSINESS
07/04/2018 18:00 EDT | Updated 07/04/2018 18:34 EDT

Vancouver Home Sales Down Sharply; Prices Still Up

The supply of homes for sale has hit a multi-year high.

A condo building is seen under construction surrounded by houses with condo towers in the distance in Vancouver, B.C., Fri. March 30, 2018. The supply of homes in Metro Vancouver's real estate market hit a three-year high as sales dipped below historical averages last month.
THE CANADIAN PRESS/Darryl Dick
A condo building is seen under construction surrounded by houses with condo towers in the distance in Vancouver, B.C., Fri. March 30, 2018. The supply of homes in Metro Vancouver's real estate market hit a three-year high as sales dipped below historical averages last month.

VANCOUVER — The supply of homes in Metro Vancouver's real estate market hit a three-year high as sales dipped below historical averages last month.

The Real Estate Board of Greater Vancouver reports there were 2,425 home sales last month, a 37.7 per cent decline from June 2017.

Earlier on HuffPost Canada:


Board president Phil Moore says rising interest rates, high prices and more restrictive mortgage requirements are among the factors dampening home buying activity.

Moore says that has allowed the supply of homes for sale to reach levels that they have not seen in the last few years.

There were 5,279 detached, attached and apartment properties newly listed for sale in Metro Vancouver in June, for a total of almost 12,000 for sale, reaching the highest listings figures since June 2015.

The composite benchmark price for all residential properties in Metro Vancouver is $1,093,600, representing a 9.5 per cent increase over June last year.

Earlier on HuffPost: