Home sales in the Lower Mainland continue to dramatically decrease well below averages seen over the last few years.
Residential home sales in Metro Vancouver have seen more than a 40-per cent decrease, comparing July 2021 to this year and a nearly 25-per cent decrease in just one month.
“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John said, Real Estate Board of Greater Vancouver’s chair.
“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”
In Metro Vancouver, there were 1,887 residential home sales in July, compared to June’s 2,444 — a 22-per cent decrease.
With added inventory to the real estate market in the region, the board said there has been a 1.3-per cent ($10,425) decrease in average price as well.
“After two years of market conditions that favoured home sellers, homebuyers now have more selection to choose from and more time to make their decisions,” John said.
In the Fraser Valley region, the real estate market is dramatically decreasing in sales, too.
The Fraser Valley Real Estate Board said there has been more than a 50-per cent decrease in sales comparing July 2021 to this year and a 22-per cent decrease in home sales from June to July.
“The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March,” Lilian Choi said, Fraser Valley Real Estate Board’s communications manager.
The benchmark price for all residential properties (including single family homes, townhomes and apartments) in Metro Vancouver is currently sitting at $1,207,400.
For Fraser Valley, the single family home benchmark price is $1,594,000, townhomes’ $876,500 and apartments at $553,400.