Real estate sales in the Lower Mainland plummeted in July, according to the Real Estate Board of Greater Vancouver.
A total of 2,255 homes were sold in the region in July 2010, a 45.2 per cent drop from the 4,114 homes sales in July 2009 — the highest selling July ever recorded.
Sales in July 2010 were also 24 per cent lower than the previous month’s sales.
“I think a lot of people were anticipating that mortgage rates were going to be moving higher, as the Bank of Canada has signaled over the last few months,” said Robyn Adamache, a market analyst with the Canada Mortgage and Housing Corporation.
“So what happened was perhaps some sales were pushed earlier in the year than they might have otherwise been, so we had a relatively active beginning to the year and things are sort of normalizing now.”
Adamache said there’s also been decline in home listings…
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Date: August 5, 2010
Published by: CBC News