Vancouver-area home sales down 3.8% in September as lower rates fail to entice buyers

Vancouver-area home sales dropped 3.8 per cent in September compared with the same month last year, while listings grew to put modest pressure on pricing, said Greater Vancouver Realtors on Wednesday.

There were 1,852 sales of existing residential homes last month, which is 26 per cent below the 10-year average, and down 2.7 per cent, not seasonally adjusted, from August.

The board says the results show recent interest rate cuts haven’t yet led to the expected rebound in activity, and that sales are still coming in below its forecast.