Local real-estate agents are finding it much tougher to generate income through commissions.
That's because July's residential sales fell to their lowest level in that month since 2000 in the Real Estate Board of Greater Vancouver's territory.
It extends from Whistler to the Lower Mainland, but does not include White Rock, North Delta, Surrey, and Langley, which are part of the Fraser Valley Real Estate Board.
There were 2,070 residential property sales in the REBGV last month, down 30.1 percent from the same month in 2017.
Sales last month were off 14.6 percent from June.
“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” REBGV president Phil Moore said in a news release. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”
There were only 637 sales of detached homes, 1,079 sales of apartment properties, and 354 sales of attached properties in July.
Prices have remained relatively firm, however, with the benchmark price for all residential properties clocking in at $1.09 million last month. That's down just 0.6 percent from the previous month.
West Side of Vancouver detached homes saw biggest price drop in any category and location over the last year. They're down 8.4 percent, compared to an 8.3 percent drop for detached homes in West Vancouver over the same period.
In the February budget, the B.C. government imposed a surtax on homes valued at more than $3 million and increased the foreign-buyers tax from 15 to 20 percent. These moves have had a particularly severe impact on the value of homes in more expensive areas of the province.
Go here to see the full statistical package released by the REBGV.