The slowdown comes after the Bank of Canada increased interest rates in a bid to tamp down inflation.
According to the latest report from the Real Estate Board of Greater Vancouver, there were 3,232 residential home sales in April — a 25 per cent decrease from March and a 34 per cent dip from the 4,908 sales recorded last April.Daniel John, chair of the real estate board, said home sales have eased from last year’s “record-breaking pace.”
The slowdown comes after the Bank of Canada increased interest rates by 25 basis points in March and by half a percentage point in April in a bid to wrestle ballooning inflation. Experts are anticipating another hike during the next rate announcement in June.
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