The Real Estate Board of Greater Vancouver says SeptemberB次元官网网址檚 home sales dropped by 46 per cent since last year and 10 per cent from August as interest rate increases cooled buyer sentiment.

The B.C. board says sales in the region totalled 1,687 last month, down from 3,149 the September before and 1,870 in August.

Last monthB次元官网网址檚 sales were almost 36 per cent below the 10-year September sales average.

Andrew Lis, the boardB次元官网网址檚 director of economics and data analytics, attributed the lower sales levels to the Bank of Canada hiking interest and mortgage rates in an effort to tamp down on inflation.

Those hikes have contributed to the marketB次元官网网址檚 composite benchmark price reaching $1,155,300 last month, up 3.9 per cent from last September but down 2.1 per cent from August.

The number of homes currently listed for sale in the area is 9,971, an eight per cent increase compared with September 2021 and a roughly three per cent jump from August.

B次元官网网址淲ith fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,B次元官网网址� Lis said, in a news release.

B次元官网网址淲ith more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.B次元官网网址�