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Home sales in Metro Vancouver fell nearly 20%

Darpan News Desk The Canadian Press, 04 Jun, 2024 11:52 AM

The number of homes changing hands in Metro Vancouver last month fell nearly 20 per cent from the same time last year, though new properties were coming online.

Greater Vancouver Realtors says it recorded just over 27-hundred sales last month, down from 34-hundred sales recorded in May 2023.

At the same time, the real estate board says the number of Metro Vancouver homes listed for sale rose 46.3 per cent year-over-year to 13-thousand-600, which is nearly one-fifth higher than the 10-year seasonal average.

Andrew Lis, the board's director of economics and data analytics, says it's a "surprise" that sales came in softer than usual, but he chalks it up to factors ranging from higher borrowing costs to worries about the economy.

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