Homes sales in Vancouver and the Fraser Valley peaked in February, dropping by 21 per cent & 28 per cent respectively since then.
The Canadian Real Estate Association released July sales figures this morning and last month marked the third consecutive month of fewer housing sales nationwide.
More than half of all markets showed declines in July, including Metro Vancouver and the Fraser Valley.
The national average price for a home sold in July was over $480 thousand.
But if you take Vancouver and Toronto out of the equation and the average price drops to around $365 thousand.
With sales down and new listings up, the national sales-to-new listings ratio eased to 61.6 percent in July 2016 – its second monthly decline following its peak of 65.3 percent in May.
The Canadian Real Estate Association Highlights:
- National home sales fell 1.3% from June to July.
- Actual (not seasonally adjusted) activity came in 2.9% below July 2015.
- The number of newly listed homes rose 1.2% from June to July.
- The MLS Home Price Index (HPI) rose 14.3% year-over-year in July.
- The national average sale price climbed 9.9% in July from one year ago; net of the Greater Toronto Area and Greater Vancouver, it advanced 7% year-over-year.