A local realtor says plunging sales of detached homes in the region are not seasonal.
Realtor Steve Saretsky says sales in Vancouver have hit a 12-year low, with a 55 per cent drop year over year.
“In Vancouver for the month of February, it hit a 12-year low. Burnaby detached homes, there were 48 sales that matched a previous low in 2009. Out in Langley, which has done well, Langley detaches sales fell year over year by 59 per cent.”
Saretsky advises prospective homeowners to hold out because new listings in the region for detached homes fell 50 per cent year over year in February.
As for attached homes, he says there has been a drop in sales, but still above the 10-year average.