Vancouver's housing market has, according to the local real estate board, entered a "new cycle marked by quieter home buyer demand."
The report released Wednesday says 1,887 residential homes sold last month. This is a 43.3 per cent decrease from what the board saw last July, and down 22.8 per cent from June of this year. "Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns," according to board chair Daniel John.
The board said there were 3,960 homes of all types up for sale last month. That means about 2,073 did not sell within the month.
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