Vancouver Real Estate Sales Down 40% Since March Peak

July sales slowed to the lowest amount seen in 6 months, and are down 40% since March.  The bigger story is that new listings were the lowest for the month in 20 years, leaving total inventory down 19% from last year, and keeping real estate favouring sellers.  Canadian inventory is at a 20 year low and BC has less than half the homes available for sale than just 6 years ago. Mortgage credit is ramping up where June saw the highest amount of mortgage applications applied for in Canadian history.  Insolvencies are down 40% since January 2020 and savings is up by $120B during the same time. Q1 2020 saw $11B go towards unscheduled mortgage pay downs and credit card delinquencies just hit their lowest rate on record, 1.3%  People are cash, and house, rich with a tonne of new credit coming down the pipeline.  Oh, and the government just extended their stimulus until October 23.  All this is setting up for a very active fall market._________________________________ Contact Us To Book Your Private Consultation:📆 https://calendly.com/thevancouverlifeDan Wurtele, PREC, [email protected] Dash PREC778.898.0089 [email protected] www.thevancouverlife.com