In Vancouver, the seller's market recedes
Vancouver's housing market is cooling to the point that the balance appears to be shifting in favour of buyers for the first time in years.
One of Canada's most expensive cities, Vancouver, has seen it's slowest June in years, the Globe and Mail reports. According to recent statistics, only 2,362 properties were sold last month, the fewest the city has seen since the year 2000.
Analysts are unsure as to the exact cause of this decline, but are citing new mortgage lending regulations and fewer overseas buyers as possible factors. Economists are optimistic that the decline will lead to a decrease in home prices as well, as the average price for a detached home has reached $961,600. Once this effect starts to take shape, it is believed that the Toronto real estate market will follow - welcome news for those looking to obtain their first mortgage in these expensive cities.
For more information, or any questions, contact a Canadian Mortgage Broker.