The shifting sands of real estate continue to blow in Vancouver.
The big news today is the B.C. Real Estate Association coming out with the June sales figures.
Almost all British Columbia real estate markets experienced declines in sales in June, but Metro Vancouver experienced the biggest decline.
Sales in BC were down 22.5%t from the same month in 2009.
Active listings in inventory, in the meantime, climbed almost 21% to hit 59,232 units in June, which equaled a 9.3-month supply based on the pace of sales, Cameron Muir, the association's chief economist said in a press release.
“Market conditions have shifted from balanced conditions at the start of the year to a buyer's market this summer,” Muir said.
Hmmm... wasn't this the same Cameron Muir who said last month that 'Hot Asian Money' was going to maintain market values?
The key influences, he added, are the same ones that have helped to slow demand since they took hole in April: tougher qualifying rules for some mortgages, particularly for first-time buyers and those seeking secondary suites.
And so it goes.
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