The Vancouver Life Real Estate Podcast 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.
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