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, according to the Real Estate Board of Greater Vancouver (REBGV).
Residential home sales in the region this July saw a 43.3 per cent decrease from the sales recorded in July 2021, and a 22.8 per cent decrease from the homes sold in June 2022.
Last month’s sales were 35.2 per cent 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,” said Daniel John, REBGV Chair, in a news release.
“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months,” he said.
According to the REBGV, the benchmark price for a single-detached house in Ladner this July was $1,460,300, down 1.5 per cent from June 2022. It was still up 15.6 per cent compared to July 2021.
The benchmark price for a detached house in Tsawwassen last month was $1,595,700, down 5.5 per cent from the previous month, while up 13.6 per cent from July 2021.
The benchmark for a townhouse in Ladner and Tsawwassen this July was $974,800 and $989,600 respectively, both down from the previous month as well.
Also seeing reductions from the previous month, the benchmark for a condo this July in Ladner and Tsawwassen was $704,700 and $731,900 respectively.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says the Fraser Valley real estate market saw sales fall again in July in the face of continued interest rate hikes, as the government struggles to bring inflation under control.
FVREB processed 22.5 per cent fewer sales on its Multiple Listing Service from June 2022, and a 50.5 per cent drop compared to July 2021.
According to the FVRB, the benchmark for a detached house in North Delta last month was $1,412,500. That’s down seven per cent from June 2022, but up 13 per cent compared to July 2021.
The benchmark price for a North Delta condo and townhouse this July was $593,000 and $942,000 respectively.