Vancouver's housing market has entered a 'new cycle.' Here's what that means.

Vancouver's housing market has, according to the local real estate board, entered a "new cycle marked by quieter home buyer demand."

In its monthly report, the Real Estate Board of Greater Vancouver said it's seeing a slower demand, coupled with a gradual rising in supply.

The report released Wednesday says 1,887 residential homes sold last month. This is a 43.3 per cent decrease from what the board saw last July, and down 22.8 per cent from June of this year.

Compared to what is typically seen in July in the region, the number of sales is down 35.2 per cent, the board said.

Read More: Vancouver's housing market has entered a new cycle.

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