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Vancouver real estate market in full retreat

Financial Post
The Real Estate Board of Greater Vancouver said property sales in the area remained stuck at 10-year lows in July, dropping another 11.2% from June.

The Real Estate Board of Greater Vancouver said property sales in the area remained stuck at 10-year lows in July, dropping another 11.2% from June.


TORONTO – Realtors are calling it a “summer lull,” but the latest statistics show Vancouver’s housing market is mired in a 10-year low for sales with no immediate end in sight.



Each month is starting to look worse than the previous one for Canada’s most expensive housing market as property sales in July dropped 11.2% from June — marking a decade low for activity.

The news for Vancouver comes on the same day another report questioned whether Toronto’s new condominium market may finally be cooling. Urbanation Inc. noted sales in the country’s largest city were off 21% in the second quarter from one quarter earlier.

“It’s a pretty slow market,” said Phil Soper, chief executive of Royal LePage Real Estate Services, in describing Vancouver housing sales. “It’s always been a volatile market. This is cyclical result of stretching affordability or overshooting price.”



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