The number of sales was 45 per cent lower in Vancouver in June 2010, compared to June 2009. (CBC)

Real estate sales in the Lower Mainland plummeted in July, according to the Real Estate Board of Greater Vancouver.

A total of 2,255 homes were sold in the region in July 2010, a 45.2 per cent drop from the 4,114 homes sales in July 2009 — the highest selling July ever recorded.

Sales in July 2010 were also 24 per cent lower than the previous month's sales.

"I think a lot of people were anticipating that mortgage rates were going to be moving higher, as the Bank of Canada has signaled over the last few months," said Robyn Adamache, a market analyst with the Canada Mortgage and Housing Corporation.

"So what happened was perhaps some sales were pushed earlier in the year than they might have otherwise been, so we had a relatively active beginning to the year and things are sort of normalizing now."

Adamache said there's also been decline in home listings.

A total of 16,431 properties were listed in July 2010, a 6.5 per cent drop compared to the previous month and a 33 per cent decline compared to July 2009.

Condo speculation drops

Meanwhile, one local real estate expert said Vancouver's hot condominium market is starting to shift.

"You don't see people going down and waiting in line and picking up six condos in the same building, for example, because they want to flip them and sell them down the road," said Vancouver realtor Darryl Sjerven.

He said there simply does not appear to be as much speculation in the real estate market as in past years.

People have less cash at hand, Sjerven said, and many are finding it harder to borrow money from the banks.

He said developers have changed tactics to address the shifting condo market.

"You would see buildings where 90 per cent of the building was sold at the initial release -- they're not doing that now," he said.

"They're doing it more in stages, or phases … so that's why you see the Phase A is sold out, Phase B is now selling."

Sjerven said speculators never made up a huge portion of Vancouver's buyer's market, but now they're outnumbered even more by those shopping for a place to live.