Chilly June for Vancouver real estate sales

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VANCOUVER (NEWS1130) – The Vancouver real estate market was as cool as the weather in June.  An industry group says home sales fell 30 per cent last month compared to a year earlier, although prices continued to rise. 

The Real Estate Board of Greater Vancouver says there were just under 3,000 sales in June.  Mortgage rates began rising this spring and requirements for some categories of buyers were tightened.

New listings plunged 21 per cent in June compared to May, after a rush of sellers trying to catch the wave of buying.

The board says the adjusted average selling price for a detached house rose 13 per cent to $795,000 while apartment-style condominiums were up 10 per cent a year earlier to $392,000.

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