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Residential, purpose-built rental sales plummet from a year ago

By Peter Mitham for Buisness Vancouver

Residential turmoil

Release of June housing resale data last week by the Canadian Real Estate Association provoked mixed reactions.

On the one hand, RBC Economics headlined its analysis of the figures: “A stable market isn’t a bad thing.” While downward pressure on prices was evident in Greater Vancouver, RBC said sales volumes were largely flat compared with a month earlier and confirmed its stance that the national housing market had “passed its cyclical bottom.”

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Over at Scotiabank Economics, the mood was more dour: Greater Vancouver sales had not matched the robust figures May delivered, its analysis said, and regional price changes drove down the national benchmark price, “with weakness present across unit types but heightened for higher-priced single-family homes.”

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