Apartment owners are holding onto their properties in Metro Vancouver, with sales activity down in the first half of 2013, in comparison to the same period in 2012.

According to the Goodman Report, 45 buildings traded hands in the first six months of 2013, compared to 53 last year. Twenty-six sales were recorded in Vancouver, and 19 in outlying areas. Last year, transaction activity was more balanced, with 28 sales in Vancouver and 25 in the suburbs.

Vancouver’s dollar value saw a 22 per cent decline, dropping from $215.6 million to $167.8 million. Suburban communities were down 64 per cent, registering at $73.1 million.

The report suggests that buyer resistance is partially responsible for the slowdown. Listings are staying on the market for three to six months, on average.

Another reason is Vancouver’s moratorium on demolishing existing rental stock. Implemented in 2007, the ban protects tenants in older, lower rent buildings.

However, while there has been a slowdown in the market, prices have not declined.