The Canadian Real Estate Association has reported beginning of this week that existing home sales in Vancouver decreased last month and the average price had a slight drop.
In December, the number of sales in Vancouver decreased by 4.1 per cent, coinciding with a 2% ease to $734,766 in the average price, seasonally adjusted.
Since July, the average price of a Vancouver home has been easing; this is a trend that has pushed Vancouver’s average below that of a year ago for the first time since July 2009, according to the Royal Bank of Canada.
On a national front, existing home sales inclined slightly last month, while the average sale price declining, indicating more so that the once hot market is cooling under the pressure from a slowing economy, tighter mortgage rules and concern over global financial predicaments.
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