Metro Vancouver’s housing market sees fewer home buyers and sellers in August
Metro Vancouver’s* housing market is experiencing a quieter summer season marked by reduced sale and listing activity.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 1,870 in August 2022, a 40.7 percent decrease from the 3,152 sales recorded in August 2021, and a 0.9 percent decrease from the 1,887 homes sold in July 2022.
Last month’s sales were 29.2 percent below the 10-year August sales average.
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge downnover the past four months.”
- Daniel John, REBGV Chair
There were 3,328 detached, attached, and apartment properties newly listed for sale on the multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 percent decrease compared to the 4,032 homes listed in August 2021 and a 16 percent decrease compared to July 2022 when 3,960 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is9,662, a 7.3 percent increase compared to August 2021 (9,005) and a 6.1 percent decrease compared to July 2022 (10,288).
“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”
For all property types, the sales-to-active listings ratio for August 2022 is 19.4 percent. By property type, the ratio is 12.2 percent for detached homes, 25.3 percent for townhomes, and 24.8 percent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 percent for a sustained period, while home prices often experience upward pressure when it surpasses 20 percent over several months.
Sales and benchmark prices by property type
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 percent increase over August 2021 and a 2.2 percent decrease compared to July 2022.
Sales of detached homes in August 2022 reached 517, a 45.3 percent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 percent increase from August 2021 and a 2.3 percent decrease compared to July 2022.
Attached home sales in August 2022 totaled 355, a 38.4 percent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 percent increase from August 2021 and a 2.5 percent decrease compared to July 2022.
Sales of apartment homes reached 998 in August 2022, a 38.8 percent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 percent increase from August 2021 and a two percent decrease compared to July 2022.
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