The number of homes sold in the month of June were at a 10 year low according to the Greater Vancouver Real Estate Board.
The Greater Vancouver Real Estate board reported a total of 2,362 homes sold June 2012 a decline from 2,835 in May 2012 and down 27.6% from June 2011 when 3,262 homes sold.
These reports and lack of sales have created a buyers market in Greater Vancouver.
Despite a drop in the number of sales, prices in what was once the country's hottest real estate market have remained firm, the REGBV said.
In June 2012, the housing price index for residential properties in Vancouver was still up 1.7 per cent from a year ago.
"Overall conditions have trended in favour of buyers in our marketplace in recent months," Klein said. "This means buyers are facing less competition and have more selection to choose from compared to earlier in the year."
Sales of apartments slipped 19 per cent to 1,026 in June from 1,266 a year ago. The benchmark price of an apartment increased 0.3 per cent from June 2011 to $376,200.
Meanwhile, there were 415 attached property sales in June, down from 525 a year ago, while the benchmark price decreased 0.1 per cent from a year ago to $468,400.
The total number of residential property listings on the board's MLS service was 18,493, up 3.27 per cent from May and up 22 per cent from this time last year.
The slowdown in sales in Vancouver comes ahead of changes by Ottawa to tighten mortgage lending in Canada.
Finance Minister Jim Flaherty moved to cool the red hot condo markets in Toronto and Vancouver by tightening the rules for borrowers, including cutting the maximum amortization period for government insured mortgages cut to 25 years from 30.
Expect home owners to start competing with one another for buyers. Prices will decrease over the next 3-6 months before Spring 2013.
If your selling a home the best thing to do is give The Aziz Group a Call. We will be able to sell your home quickly at the highest market amount before home sellers become more competitive with each other to sell their homes.
Home buyers have it made. Move caustiosly and get the right people on your side to help find you the right property at the best price.
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