Vancouver home sales fall 17% in August despite interest rate cuts: real estate board
Greater Vancouver Realtors says home sales in the region dropped 17.1 per cent in August from a year earlier and were more than a quarter below the 10-year seasonal average.
The real estate body says sales in the market totalled 1,904 last month, down from the 2,296 recorded in August 2023.
The composite benchmark price for all residential properties in Metro Vancouver was $1,195,900, a 0.9 per cent decrease over August 2023 and a 0.1 per cent decrease compared with July.
There were 4,109 newly listed detached, attached and apartment properties in August, which was 4.2 per cent more than the same month last year.
Greater Vancouver Realtors' director of economics and data analytics Andrew Lis says sales remained in a "holding pattern" in August, suggesting buyers were still feeling the pinch of higher borrowing costs despite the Bank of Canada's two previous cuts to its key interest rate.
He says he's optimistic buyers will come off the sidelines after the central bank's third consecutive decrease by a quarter percentage point, announced Wednesday, coupled with the fact September typically sees more homes changing hands.
This report by The Canadian Press was first published Sept. 4, 2024.
CTVNews.ca Top Stories
DEVELOPING Donald Trump was the subject of 'an assassination attempt,' FBI reports
The FBI said Donald Trump was the target of “what appears to be an attempted assassination” at his golf club in West Palm Beach, Fla., on Sunday.
LIVE UPDATES 2024 Emmy Awards: 'The Bear,' 'Fargo' and 'Hacks' win acting awards
'Shogun,' 'The Bear' and 'Baby Reindeer' at the topo of the queue as the 76th Primetime Emmy Awards arrive on Sunday.
B.C. to open 'highly secure' involuntary care facilities
B.C. will be opening “highly secure facilities” for people with addiction and mental health issues in the province, officials said Sunday.
Calgary police honour 3 Calgarians who helped save Lanny McDonald’s life in airport incident
The Calgary police paid tribute to a trio of Calgarians who saved the life of Lanny McDonald at the airport in February, 2024.
They came from Jamaica for work, now they're homeless and out thousands of dollars in lost wages
Abuse of Canada’s temporary foreign worker program has left a group of carpenters from Jamaica 'destitute' after an Ottawa company refused to pay them for nearly half a year of work.
Montreal bars, restaurants react to Quebec bill to regulate merchant tipping requests
Quebec tabled a bill on Thursday that would regulate how merchants determine suggested tips, forcing businesses to calculate them based on the price before tax. Restaurant staff and management are divided on the policy.
Greater Sudbury resident dies in 5-vehicle crash involving 3 motorcycles near Port Dover
A person from Greater Sudbury died and two other individuals were transported to hospital after a five-vehicle crash near Port Dover, Ont., late Saturday afternoon.
Queen Victoria's favourite Tuscan villa for sale for more than US$55 million
Once a favoured holiday destination for Queen Victoria, and reputedly described in one of the greatest works of Italian literature, the Villa Palmieri is steeped in history and could now be yours – if you have more than €50 million (US$55 million) lying around.
Liberals will let Conservatives hold non-confidence vote 'fairly soon', no intention of proroguing Parliament
The Liberals have no intention of using procedural tactics to delay the Conservatives' promised non-confidence motion, and they have no plans to prorogue Parliament to hold onto power, according to Government House Leader Karina Gould.