The demand for housing is continuing to slow across Metro Vancouver, and compared to last year, the region saw a massive drop in home sales in July.
According to the Real Estate Board of Greater Vancouver (REBGV), July 2021 saw 3,326 homes sold in Metro Vancouver. In July 2022, that number dropped by 43.3% to 1,887 properties sold. That also represents a 22.8% decrease since June of this year when 2,444 homes were sold.
July 2022 numbers were also 35.2% below the 10-year July sales average.
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REBGV suggests the numbers represent home buyers “exercising more caution in today’s market” thanks to factors like rising interest rates and inflation.
“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months,” said REBGV Chair Daniel John in a statement.
Listings were also down compared to last year.
In July 2022, 3,960 detached, attached, and apartment properties were newly listed on the Multiple Listing Service (MLS). That’s a 9.5% decrease compared to July 2021, and a larger 24.7% decrease compared to June 2022.
This all amounts to good news for potential home buyers according to John.
“After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision.”
All of this talk of supply and demand also means that benchmark prices came down slightly. For a detached home, the benchmark price was $2,058,600 in June, and in July it dropped to $2,000,600.
July 2022 Metro Vancouver home sales stats: REBGV
- Detached homes
- Number of units sold: 523 (653 in June 2022)
- Active listings: 4,431 (4,559 in June 2022)
- Benchmark price: $2,000,600 ($2,058,600 in June 2022)
- Average days on market: 26
- Apartment homes
- Number of units sold: 1,060 (1,326 in June 2022)
- Active listings: 4,334 (4,390 in June 2022)
- Benchmark price: $755,000 ($766,300 in June 2022)
- Average days on market: 21
- Townhouse sales
- Number of units sold: 304 (465 in June 2022)
- Active listings: 1,523 (1,476 in June 2022)
- Benchmark price: $1,096,500 ($1,115,600 in June 2022)
- Average days on market: 20