James Lewis | Email news tips to email@example.com
The August home sale numbers are out - and they're ugly...
According to the B.C. Real Estate Association, the dollar volume of homes sold through MLS last month was down more than 25% from the same month a year ago.
Chief Economist Cameron Muir says the average residential price is also down 9%.
"August numbers for B.C. and for Vancouver in particular, in terms of overall unit sales are relatively low in terms of a historial perspective. It certainly appears that many consumers are taking a bit more of a wait-and-see approach today."
Tighter mortgage credit conditions are taking some of the blame.
Muir is expecting an increasing in sales towards the end of the year.