A new report by The Real Estate Board of Greater Vancouver says that residential property sales in Vancouver remained at a 10-year low in July 2012. Prices were relatively stable, but the number of properties being listed for sale edged down.
The REBGV reports that there were 2,098 residential property sales of detached, attached and apartment properties in July 2012. In July 2011, there were 2,571 sales — a decline of 18.4 per cent year-over-year when the 2012 figure is considered. There was also an 11.2 per cent decline from sales in June 2012 to sales in July 2012.
July sales are the lowest Vancouver has seen since 2000.
According to president of the REBGV, Eugen Klein, “People appear to be cautious about making significant financial decisions right now. While our local economy appears to be quite robust, there may be some concern about the impact of international markets and the federal government’s tightening of mortgage regulations.”
New listings for detached, attached and apartment properties in Greater Vancouver totaled 4,802 in July. This is a 5.8 per cent decline compared to July 2011 and is the the lowest number of new listings for any month this year.