The Vancouver housing market slowed significantly last month, but it was still the city’s second-busiest June on record.

The number of sales dropped by 30 per cent, following a similar decline in May as the market continues to cool after its post-recession boom, the Globe and Mail reports.

Many observers foresee further declines in sales, yet it’s unlikely that they will be drastic even as homebuyers are faced with stricter mortgage rules and higher rates.

In May, many buyers across the country refrained from purchasing a home, driving sales down in what is normally the busiest month of the year. While sales remain above the historical norm, they are 15 per lower than peak hit last fall.

National sales declined by 8.5 per cent to 40,393 units in May compared with April.