Property prices down sharply in June sales 0
(24 HOURS FILE PHOTO)
As the average sales price of properties in the majority of 26 Canadian markets continued to rise in June, Vancouver bucked the trend dropping 13% in comparison to a year earlier.
On Monday, the Canadian Real Estate Association reported the sales prices of all properties, including residential, dropped an average of one percent overall nationwide.
While Vancouver was the only city to experience a double-digit drop, weighted prices "are still up a touch," BMO deputy chief economist Doug Porter said in a release.
With tighter mortgage insurance rules introduced last week, he expected this would exacerbate the downward trend.
"B.C. has become a buyers' market with the sales-to-new listings ratio well below normal levels."