Interest rates are continuing to have an impact on home sales in Metro Vancouver and last month’s sales were 23.3% below the 10-year June average according to the latest report from the Real Estate Board of Greater Vancouver (REBGV).
The market in Metro Vancouver continues to be swaying in the buyer’s favour as listings are up and home sales are down, which means prices are starting to decrease.
REBGV states that “home buyers are operating in a changing marketplace to begin the summer season.
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Total sales in Metro Vancouver reached 2,444 in June 2022 which represents a 35% decrease from 3,762 sales recorded in June of last year. It’s also a 16.2% decrease from 2,918 homes sold in May 2022.
REBGV’s jurisdiction entails Vancouver, Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Richmond, South Delta, Squamish, Sunshine Coast, West Vancouver, and Whistler. Other areas of Metro Vancouver — including Surrey, White Rock, North Delta, and Langley — are within the separate jurisdiction of the Fraser Valley Real Estate Board.
Daniel John, the chair of the Real Estate Board of Greater Vancouver, says that buyers have more selection to choose from and a lot more time than they ever did over the last year to make important decisions about purchasing housing.
The benchmark price for all residential properties is $1,235,900. That’s a 12.4% increase over June of last year, a 2% decrease compared to May 2022, and a 2.2% decrease over the past three months.
For detached homes, the benchmark price has reached $2,058,600, or a 13.4% increase compared to June 2021.
Apartment home sales saw a major decrease compared to last year. In June 2022, 1,326 units were sold, a 25.3% decrease compared to the 1,774 units sold in June 2021.
“Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”
When it comes to listings, 5,256 detached, attached, and apartment properties were newly listed on the Multiple Listing Service® (MLS®) in Metro Vancouver last month. This amounts to a 10.1% decrease compared to 5,849 homes listed in June of last year and a 17.6% decrease compared to May 2022 (6,377 homes listed).
There are currently 10,425 homes listed in Metro Vancouver which is a 3.8% decrease compared to June 2021 (10,839) and a 4.1% decrease compared to May 2022 (10,010).
“To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply,” John added.
June 2022 Metro Vancouver home sales stats: REBGV
- Detached homes
- Number of units sold: 653 (793 in May 2022)
- Active listings: 4,559 (4,337 in May 2022)
- Benchmark price: $2,058,600 ($2,093,600 in May 2022)
- Average days on market: 21
- Apartment homes
- Number of units sold: 1,326 (1,605 in May 2022)
- Active listings: 4,390 (4,210 in May 2022)
- Benchmark price: $766,300 ($779,700 in May 2022)
- Average days on market: 17
- Townhouse sales
- Number of units sold: 465 (520 in May 2022)
- Active listings: 1,476 (1,463 in May 2022)
- Benchmark price: $1,115,600 ($1,141,200 in May 2022)
- Average days on market: 15
You can see our breakdown of the June REBGV report here.
With files from Kenneth Chan