The Real Estate Board of Greater Vancouver says higher borrowing costs combined with seasonal patterns are putting the housing market on track for slowing sales and price stabilization.
The board’s outlook is being informed by August sales, which totalled 2,296, 13.8 per cent below the 10-year seasonal average.
Compared with a year earlier, August sales jumped more than 21 per cent.
There were 3,943 new listings last month, a roughly 18 per cent increase from a year earlier, but new listings remained 5.3 per cent below the 10-year seasonal average.
The composite benchmark price for the area covered by the REGBV hit $1,208,400, a 2.5 per cent increase from August 2022 and a less than one per cent decrease from July.
The board’s
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