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Vancouver-area home sales sink again

Last Updated Oct 2, 2018 at 9:46 am PST

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017. THE CANADIAN PRESS/Jonathan Hayward

REBGV says sales fell 43.5 per cent from a year earlier

VANCOUVER (NEWS 1130) – More people in Vancouver are trying sell their homes but are not succeeding, as sales were sharply lower in September.

The Real Estate Board of Greater Vancouver reports sales fell 43.5 per cent from a year earlier and 17.3 per cent compared to August. It also says the total of 1,595 sales is 36.1 per cent lower than the 10-year average for September.

A statement from the group’s president-elect, Ashley Smith, says “Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

She adds “Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market.”

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Listings for apartment-style condos rose 39.1 per cent month-over month to 2,417 while listings for detached homes were up 34.9 per cent to 1,974. Sales have been chilled by several measures including stricter mortgage qualification rules.

Prices for condos, the biggest share of the market, were up 7.4 per cent from a year earlier but down 1.2 per cent from the previous month, with the board’s benchmark at $687,300.

Single-detached houses averaged $1.54 million, down 4.5 per cent from the previous September, 1.3 per cent from August and 3.4 per cent in three months.