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Home sales in Vancouver fall to lowest level since January

A possible sign that one of the hottest housing markets is slowing


 
A scenic view at twilight of Sunset Beach on the West End's waterfront, English Bay, Vancouver, B.C. (Bayne Stanley/CP)

A scenic view at twilight of Sunset Beach on the West End’s waterfront, English Bay, Vancouver, B.C. (Bayne Stanley/CP)

VANCOUVER — Greater Vancouver’s real estate board says homes sales last month fell to their lowest level since January, a sign that one of North America’s hottest housing markets may be slowing down.

A total of 3,226 residential properties were sold in July, down 26.7 per cent from June and an 18.9 per cent drop from July 2015.

The decline in sales didn’t dampen prices, with the benchmark price climbing 1.9 per cent in July from a month earlier to $930,400 for Metro Vancouver.

That also represents a 32.6 per cent spike compared to the same month last year.

The figures capture the last month in which foreign property buyers were not subject to a 15 per cent tax implemented Tuesday by the B.C. government.


 

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