Home buyer demand continues to ease across Metro Vancouver
Metro Vancouver’s housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale.
Residential home sales in the region totalled 1,887 in July 2022, a 43.3% decrease from July 2021, and a 22.8% decrease from last month.
Last month’s sales were 35.2% below the 10-year July sales average.
Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns, this allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.
There were 3,960 properties newly listed for sale in Metro Vancouver in July 2022. This represents a 9.5% decrease compared to July 2021 and a 24.7% decrease compared to June 2022.
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, In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3% increase over July 2021 and a 2.3% decrease compared to June 2022.