National

Vancouver home sales down 46% from last Sept

Darpan News Desk The Canadian Press, 04 Oct, 2022 09:39 AM

VANCOUVER - The Real Estate Board of Greater Vancouver says September's home sales dropped by 46 per cent since last year and 10 per cent from August as interest rate increases cooled buyer sentiment.

The B.C. board says sales in the region totalled 1,687 last month, down from 3,149 the September before and 1,870 in August.

Last month’s sales were almost 36 per cent below the 10-year September sales average.

Andrew Lis, the board's director of economics and data analytics, attributed the lower sales levels to the Bank of Canada hiking interest and mortgage rates in an effort to tamp down on inflation.

Those hikes have contributed to the market's composite benchmark price reaching $1,155,300 last month, up 3.9 per cent from last September but down 2.1 per cent from August.

The number of homes currently listed for sale in the area is 9,971, an eight per cent increase compared with September 2021 and a roughly three per cent jump from August.

“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said, in a news release.

“With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.”

Prev Next

MORE National ARTICLES

Most Canadians indifferent to monarchy: poll

The poll from Leger and the Association of Canadian Studies also found that while some Canadians are happy about King Charles III taking the throne and others are not, most are largely indifferent to Canada’s new head of state.

Most Canadians indifferent to monarchy: poll

Liberals announce cost-of-living help

Until now, the government has said it is helping through existing policies, such as child care agreements with the provinces and automatic annual increases to programs like the GST rebate and Canada Child Benefit, as well as 2021 budget promises to increase benefits for seniors and low-income workers.

Liberals announce cost-of-living help

Canada donates up to $28 million for Pakistan

Emergency food, water, sanitation and health services are badly needed after monsoon rains over the last three months have left more than one-third of the country underwater. More than 33 million people are affected by the floods and with much of the country's agricultural land underwater, the Pakistani government is warning of an impending food shortage.

Canada donates up to $28 million for Pakistan

Warmer fall expected across much of Canada

The network says in its fall forecast that much of Canada can expect warmer-than-normal conditions throughout September before temperatures start to drop in October. It says the amount of precipitation will vary across the country, though most parts will see fewer storms than usual.

Warmer fall expected across much of Canada

Monday is federal holiday for Queen's funeral

Speaking at a caucus retreat in New Brunswick today, Trudeau says "declaring an opportunity for Canadians to mourn on Monday is going to be important." He says the government will be working with provinces and territories to ensure they're "aligned."

Monday is federal holiday for Queen's funeral

Smoke from B.C. wildfires spreads to Alberta

Environment Canada is maintaining advisories for a portion of northeast B.C. and the southern half of the province and has extended air quality statements across southern Alberta. It warns that fine particulates contained in the smoke are likely to increase through the day.