The chill in Vancouver’s housing market continued last month as buyers and sellers “take more time” to make sense of rapidly-changing market conditions, according to the local real estate board.
A total of 1,870 property sales were registered across the Greater Vancouver region in August, the real estate board said Friday. That marked a 40.7 per drop compared to a year earlier and a 0.9 per cent decrease from July.
Compared to the 10-year average for August, the sales volume was down 29.2 per cent.
The real estate board said its composite benchmark price for all homes was $1,180,500 in August, which was down 2.2 per cent from July.
“With inflationary pressure and interest rates on the rise, homebuyer and seller activity shifted below our long-term seasonal averages this summer,” said Andrew Lis, director of economists and data analytics at the Real Estate Board of Greater Vancouver, in a release.
“Homebuyers and sellers are taking more time to assess what this changing landscape means for their housing needs.”