Vancouver's real estate market saw a glimmer of hope in June with a five-per-cent increase in sales compared with May.
This uptick wasn't quite enough to surpass sales figures from the same time last year, according to a July 9 report from RBC.
Economist and report author Rachel Battaglia said in the report it will take two more months of steady activity to confirm if there’s really a true market rebound going on in Metro Vancouver.
Listings in the region swelled by seven per cent compared with the same period last year, while home resales declined by -19.1 per cent.
The influx of multi-unit dwellings helped stabilize costs, as almost all the growth in new listings over the last year came from medium and high-density housing, according to RBC’s report.
Battaglia speculated inventories will increase further as frugal buyers wait for more rate cuts.
The Bank of ÎÚÑ»´«Ã½ makes its next interest rate announcement July 24.
