Real estate sales dive in Lower Mainland

Down 27 per cent in Greater Vancouver, eight per cent in the Fraser Valley

Greater Vancouver home sales hit a 10-year low in June, down more than 27 per cent from a year ago.

The Real Estate Board of Greater Vancouver called it further evidence of a buyer’s market where potential purchasers have more to choose from and don’t have to race to beat out other bidders.

Despite weakening sales there’s been little sign so far of home prices dropping significantly.

The benchmark residential property price declined 0.7 per cent from May to June and was still up 1.7 per cent from a year ago.

Benchmark prices ranged from $961,600 for single detached houses (up 3.3 per cent from June 2011) to $376,200 for condos (up 0.3 per cent) and $468,400 for attached homes (down 0.1 per cent.)

Sales counted by the Fraser Valley Real Estate Board were down eight per cent since June 2011, although the realtor association said the ratio of sales to listings in the Valley has held steady.

Fraser Valley benchmark prices for detached houses were up 3.6 per cent from a year ago to $551,000 in June, while townhouses held even at $305,000 and condos were up 0.7 per cent to $203,600.

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