Supply up, sales down in hot B.C. real estate markets

Posted by Michael La Prairie on Wednesday, July 4th, 2018 at 12:36pm.

Supply up, sales down in hot B.C. real estate markets

Real estate boards suggest demand-curbing measures may be having desired effect

Real estate numbers for the month of June 2018 show slowing sales despite increased availability in some of B.C.'s hottest markets — which, according to several real estate boards, suggests new demand-side measures are working as intended.

The Real Estate Board of Greater Vancouver says supply of residential homes hit a three-year high in June, but sales were down 37.7 per cent compared to the same month last year, and 28.7 per cent below the 10-year June average.

"Buyers are less active today," said REBGV president Phil Moore in a release. "This is allowing the supply of homes for sale to accumulate to levels we haven't seen in the last few years."

In the release, Moore suggests the decrease in activity may be due to rising interest rates and more restrictive mortgage requirements.

Similar story in Victoria...

Meanwhile, in the province's capital, the Victoria Real Estate Board is reporting a 29.8 per cent decrease in sales in June compared to the same month in 2017.

VREB president Kyle Kerr cited new mortgage regulations as a factor as well, but also suggested that B.C.'s impending speculation tax could already be having an effect.

Continue reading Supply up, sales down in hot B.C. real estate markets at CBC Website

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