Greater Vancouver Realtors says home sales in the region dropped 3.8 per cent in September compared with the same month last year, while listings grew to put modest pressure on pricing.
Robert Hogue, assistant chief economist at RBC Economics, Royal Bank of Canada, joins BNN Bloomberg to discuss housing affordability amid interest rates cut.
There were 1,852 sales of existing residential homes last month, which is 26 per cent below the 10-year average, and down 2.7 per cent, not seasonally adjusted, from August. “September figures don’t offer the signal that many are watching for,” said Andrew Lis, the board’s director of economics and data analytics, in a statement.
“With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”There were 6,144 newly listed properties in September, up 12.8 per cent from last year, to bring the total number of listings to 14,932. The total number of listings makes for a 31 per cent jump from last year, and is sitting 24 per cent above the 10-year seasonal average.
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