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Multi-unit housing stabilizes Vancouver home prices

Multi-unit housing stabilizes Vancouver home prices

Five percent sales growth in June, RBC says it will take two months to confirm recovery

Vancouver’s real estate market saw a glimmer of hope in June with sales up five percent compared to May.

The increase was not large enough to surpass sales figures from the same period last year, according to a July 9 report from RBC.

According to economist and author of the report Rachel Battaglia, it will take another two months before there is certainty whether there is actually a market recovery in Metro Vancouver.

The supply of homes in the region increased by seven percent compared to the same period last year, while resales of homes fell by -19.1 percent.

The influx of multi-unit housing helped stabilize costs, as nearly all of the growth in new listings over the past year came from medium- and high-density housing, the RBC report found.

Battaglia expected inventories to continue to rise as frugal buyers await further rate cuts.

The Bank of Canada will make its next interest rate announcement on July 24.

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