Photo: The Canadian Press The Real Estate Board of Greater Vancouver says home sales last month were down about 35 per cent from last June and 16 per cent from May 2022 as homes stayed on the market longer and interest rates rose. The BC council says sales in the region totaled 2,444 last month, up from 3,762 in June 2021 and 2,918 homes in May 2022. Last month’s sales were 23.3% below the 10-year June sales average. Board chairman Daniel John says the drop in sales has come because buyers have more properties to choose from, but rising interest rates and 39-year high inflation are making them cautious, so listings remain available for longer period of time. The market saw 5,256 new listings last month, down about 10 percent from 5,849 in June 2021 and down 17.6 percent from 6,377 in May 2022. Meanwhile, the composite benchmark home price index was over $1.2 million last month, up 12.4 percent from June 2021, down two percent from May 2022 and a 2.2 percent decrease over the past three months. “We’re seeing downward pressure on home prices as we head into summer in Metro Vancouver due to reduced homebuyer activity rather than increased supply,” John said in a statement. “To meet Metro Vancouver’s long-term housing needs, we still need to significantly increase housing supply.”
