As we have now entered July, we can officially call it the end of the spring market for Vancouver Real Estate. Prior to the start of the year, many market watchers and industry pundits alike rightfully noted the importance of the spring market, suggesting it would dictate what to expect for the year ahead. After a sluggish finish to 2018 and an equally weak start to 2019, there were hopes the historically resilient Vancouver housing market could shrug it off. However, month after month that proved not to be the case. Through the first six months of this year, home sales totalled 10,924, the fewest transactions for that time frame since the year 2000. June sales figures suggested that trend was in tact, with monthly home sales dropping 13.9% year-over-year to their lowest total in 19 years. Undoubtedly this slowdown has knock-on effects, which we are beginning to see, namely the cancelation of newer construction projects. However, will a recent plunge in mortgage borrowing costs help cushion the blow? We will examine this and much more in the June report.
Steve is a regular speaker at industry events, hosts an online video series ‘The Saretsky Show’, and authors the popular “Saretsky Report” which is read by over 7000 subscribers.
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