Metro Vancouver home prices down by up to 25% compared to early 2022

View of Metro Vancouver from the top of Burnaby Mountain, where Simon Fraser University's main campus is located. (EB Adventure Photography/Shutterstock)

The housing market in Metro Vancouver over the last few months has seen sliding sales as a result of the Bank of Canada’s consecutive interest rate hikes beginning in early spring.

It’s just the latest sign of the accelerating housing downturn in Metro Vancouver and across Canada.

With falling demand, the median home price in Metro Vancouver in July 2022 was down by 14.4% compared to the tail end of the historic housing sales boom in February 2022, according to brokerage and search platform HouseSigma.

The median price for all properties in the region also slipped by 0.9% to $880,000 in July 2022 compared to the previous month. In February 2022, the region’s median home price was $1.028 million.

Metro Vancouver’s median home price has escalated over the years, reaching $726,500 in July 2017, $820,000 in July 2020, and $870,000 in July 2021.

You might also like:

This year to date, the greatest declines were experienced in Delta, where the median home price fell by 24.7% from $1.625 million in February 2022 to $1.224 million in July 2022.

Surrey saw the second highest drop in median home price, falling by 24% from $1.093 million to $830,000 over the same period.

Maple Ridge, Langley, and Vancouver also saw their median home price drop below the $1 million mark.

Maple Ridge declined by 22.6% to $968,000, while Langley dropped by 21.2% to $788,000.

Vancouver’s median home price fell by 13.6% — from $1.063 million in February 2022 to $918,000 in July 2022.

Over the same period, North Vancouver dipped by 19.5% to $1.014 million, Burnaby fell by 13.4% to $747,000, and Richmond dropped by 11.1% to $842,000.

The region’s highest median home price remains with West Vancouver, which saw a 16.2% decline to $2.32 million.

The lowest rate of declines were recorded in Port Moody and New Westminster, which both saw a 9.9% drop to $850,000 and $653,000, respectively.

Between February and July 2022, Coquitlam was the only regional submarket to see an increase in median home price — growing by 3.9% from $899,000 to $935,000.

According to the Real Estate Board of Greater Vancouver, the number of homes sold in their jurisdiction fell by 43% in July 2022 compared to the same month last year.

The Fraser Valley Real Estate Board, which includes Metro Vancouver areas such as Surrey, Delta, and White Rock, saw even more pronounced depressed figures, with home sales in July 2022 falling by 22.5% compared to June 2022, and 50.5% compared to July 2021.

Last month, the Bank of Canada hiked its interest rate to 2.5%, above forecasts by analysts, which squeezes the borrowing capacity of many potential homebuyers. Another expected rate hike in September will have a ripple downward effect on demand and prices.

You might also like: