MARKET UPDATE | AUGUST 2022

Vancouver's Real Estate Market Update | Jeyhoon Mohammadi

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. 

Residential home sales in the region totalled 1,870 in August 2022, a 40.7% decrease from August 2021, and a 0.9% decrease from last month.

Last month’s sales were 29.2% 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 down over the past four months.

There were 3,328 properties newly listed for sale in Metro Vancouver in August 2022. This represents a 17.5% decrease compared to August 2021 and a 16% decrease compared to July 2022. 

Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. 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. 

West Vancouver real estate market update | Jeyhoon Mohammadi

West Vancouver

Sales of detached homes in August 2022 reached 28, a 33.3% decrease from August 2021, and a 6.6% decrease from last month. The benchmark price for a detached home is $3,340,400. This represents a 6.3% increase from August 2021 and a 1.1% decrease compared to July 2022. 

Sales of townhomes reached 2 in August 2022, a 33.3% decrease compared to August 2021, and a 50% decrease from last month.

Condos sales in August 2022 totalled 21, a 10.5% increase compared to August 2021 and a 61.5increase from last month.  The benchmark price of condos is $1,234,700. This represents an 8.9% increase from August 2021 and a 0.69% decrease compared to July 2022. 

North Vancouver real estate market update | Jeyhoon Mohammadi

North Vancouver

Sales of detached homes in August 2022 reached 42, a 41.7% decrease from August 2021, and a 6.6% decrease from last month. The benchmark price for a detached home is $2,209,100. This represents a 9% increase from August 2021 and a 11% decrease compared to July 2022. 

Sales of townhomes reached 18 in August 2022, a 52.6% decrease compared to August 2021, and a 14.3% decrease from last month. The benchmark price of townhomes is $1,288,800. This represents an 14.7% increase from August 2021 and a 3.6% decrease compared to July 2022. 

Condos sales in August 2022 totalled 61, a 38.4% decrease compared to August 2021 and a 41.9decrease from last month. The benchmark price of condos is $782,700. This represents an 8.6% increase from August 2021 and a 2.6% decrease compared to July 2022. 

Vancouver West real estate market update | Jeyhoon Mohammadi

Vancouver West

Sales of detached homes in August 2022 reached 57, a 23% decrease from August 2021, and a 18.7% increase from last month. The benchmark price for a detached home is $3,335,000. This represents a 0.5% decrease from August 2021 and a 1.4% decrease compared to July 2022. 

Sales of townhomes reached 32 in August 2022, a 56.2% decrease compared to August 2021, and a 60% increase from last month. The benchmark price of townhomes is $1,459,300. This represents an 7% increase from August 2021 and a 0.3% decrease compared to July 2022. 

Condos sales in August 2022 totalled 282, a 36.1% decrease compared to August 2021 and a 4.4% decrease from last month. The benchmark price of condos is $829,700. This represents a 3.5% increase from August 2021 and a 1.7% decrease compared to July 2022. 

Vancouver East real estate market update | Jeyhoon Mohammadi

Vancouver East

Sales of detached homes in August 2022 reached 59, a 42.2% decrease from August 2021, and a 9.3% increase from last month. The benchmark price for a detached home is $1,794,700. This represents a 7.6% increase from August 2021 and a 1.6% decrease compared to July 2022. 

Sales of townhomes reached 20 in August 2022, a 25.9% decrease compared to August 2021, and a 20% decrease from last month. The benchmark price of townhomes is $1,108,000. This represents an 8.7% increase from August 2021 and a 3.6% decrease compared to July 2022. 

Condos sales in August 2022 totalled 88, a 43.2% decrease compared to August 2021 and a 12% decrease from last month. The benchmark price of condos is $702,100. This represents a 6.2% increase from August 2021 and a 2.5% decrease compared to July 2022.