Well, according to the Real Estate Board of Greater Vancouver, the rumours are true!
The Board’s June report reveals that sales of houses and apartments dropped to 2,362 last month. This is a decline of 27.6 per cent from June 2011 and a 17.2 per cent drop from May 2012.
The report indicates that the number of residential properties in Vancouver has hit a 10-year low. This revelation has caused the REBGV to declare Vancouver a buyer’s market.
In an article in The Vancouver Sun Eugen Klein, the board’s president, said that “overall conditions have trended in favour of buyers in our marketplace in recent months. This means buyers are facing less competition and have more selection to choose from compared to earlier in the year.”
This is a change of tone from earlier in the year when the REBGV declared the market balanced.
However, the change seems warranted. According to the Sun, “June sales were the lowest total for the month in the region since 2000 and 32.2 per cent below the 10-year June sales average of 3,484.”