Vancouver home sales retreat | Canadian Mortgage Professional
“A lot of economists were predicting that the second half of the year would be a little bit better, in particular with the detached market,” Green said.
Listings retreat alongside sales
New listings totalled 4,991 in July, an 11.5% decline from 5,642 a year earlier, but landed essentially on the 10-year seasonal average of 4,992.
Active inventory stood at 16,476, down 4% year-over-year yet still 26.8% above the long-term average, keeping the market broadly well-supplied.
Lis noted that the pullback was not limited to the sales side. “New listings were also down 11%, largely due to a nearly 17% drop in apartment listings,” he said.
“We’ve been pointing to the slowdown in sellers coming to market for several months, and it’s beginning to translate into a gradual decline in the overall inventory level. This shift remains in early days, and with sales in a holding pattern, price pressures of significance in either direction aren’t showing up in the data quite yet, with prices down roughly one per cent in July.”
