Inventories of residential real estate swelled in February and sales slowed across the Lower Mainland in February bringing more balance to local markets, The Vancouver Sun reported.
Greater Vancouver saw new listings on the Multiple Listings Service rise 26 per cent in February to 5,260 compared with the same month a year ago. Sales, meanwhile, declined 6.4 per cent to 2,676 compared with February 2007, according to the latest statistics.
"We continue to see the market rebalance," Brian Naphtali, Real Estate Board of Greater Vancouver president said in a news release, "particularly with detached properties, where listings climb and sales either hold or decline slightly."