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Home sales in Metro Vancouver in June fell 35% from 2021 amid rising interest rates.

According to the Metro Vancouver Real Estate Commission, last month'shome saleswere about 35% from June last year, May 2022, as homes remained in the market for a long time. It decreased by 16% from. And interest rates have risen.

B.C. According to the B.C. Board, last month's sales in the region fell from 3,762 units in June 2021 and 2,918 units in May 2022 to 2,444 units.

Last month's sales were 23.3% below the average June 10-year sales.

Read more: May Metro Vancouver home sales settled down to cool markets with hot interest rates

Board Chairman Daniel John said sales declined due to more properties available to buyers, but rising interest rates and high inflation over 39 years made buyers cautious and listed. Has been available for a longer time.

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The market was 5,256 last month We saw a new listing, down about 10% from 5,849 in June 2021 and down 17.6% from 6,377 in May 2022.

Meanwhile, the combined benchmark price for the home price index was over $ 1.2 million last month at 12.4. It increased by 2% compared to June 2021 and decreased by 2.2% in the last three months.

"House prices are under downward pressure in the summer in Metro Vancouver, not because of increased supply, but because of less activity by homebuyers," John said in a statement. “To meet Metro Vancouver's long-term housing demand, housing supply needs to be significantly increased.”

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