Home listings up, sales down and prices starting to decrease to start the summer season
With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the summer season.
Residential home sales in the region totalled 2,444 in June 2022, a 35% decrease from June 2021, and a 16.2% decrease from last month.
Last month’s sales were 23.3 per cent below the 10-year June sales average.
Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.
There were 5,256 properties listed for sale in Metro Vancouver in June 2022. This represents a 10.1% decrease compared to June 2021 and a 17.6% decrease compared to May 2022.
We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply. To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.