Market Update for Metro & Greater Vancouver
“Home listings up, sales down, and prices starting to decrease to start the summer season,” says REBGV.
With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the summer season.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16.2 per cent decrease from the 2,918 homes sold in May 2022.
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,” Daniel John, REBGV Chair said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,425, a 3.8 per cent decrease compared to June 2021 (10,839) and a 4.1 per cent increase compared to May 2022 (10,010).
“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”
Market Indicator for Metro Vancouver
To view the year-to-date and historic statistics for Metro Vancouver (which includes: Downtown, Westside, Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner) CLICK HERE.
Market Indicator for Greater Vancouver
To view the year-to-date and historic statistics for Greater Vancouver (which includes: Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Pitt Meadows, and Maple Ridge) CLICK HERE.
Market Update for Fraser Valley
“Fraser Valley housing market continues to cool amid slower sales, softer prices,” says FVREB.
Overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.
In June, the Board processed 1,281 sales on its Multiple Listing Service® (MLS®), a decrease of 5.8 per cent compared to May and a 43 per cent decrease compared to June of last year.
Sandra Benz, President of the Board, said, “In just two months our market overall has shifted into balance mainly due to a softening of demand for single-family detached homes.
“The condo and townhome markets, although they have moderated, they continue to favour sellers as the sales-to-active listings ratios continue to trend higher, however with fewer multiple offer situations compared to previous months, it’s likely that we will see further softening in these property types as we return to pre-COVID work-life routines.”
In June, the Board received 3,332 new listings, an increase of 7.2 per cent compared to last year, and a decrease of 8.2 per cent compared to last month. The month ended with a total active inventory of 6,474, a 4.7 per cent increase compared to May, and 18.3 per cent more than June 2021.
Baldev Gill, Chief Executive Officer of the Board, added, “With five-year fixed rates at their highest levels in a decade and residential prices, though softening month-over-month, are still more than 20 per cent higher than a year ago, we expect to see sales continue to decline over the near term.
“The combination of higher rates and low inventory will present a barrier to first-time buyers and could result in even slower sales over the coming months and erase price gains from the past 10 months or so.”
Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.
Market Indicator for Fraser Valley
To view the year-to-date and historic statistics for Fraser Valley (which includes: Surrey, South Surrey, White Rock, North Delta, Cloverdale, Langley, Abbotsford, and Mission) CLICK HERE.
Curious how the market is doing in your city? Whether you're looking to buy, sell, or invest in Vancouver, Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Surrey, Langley, or Abbotsford, these Lower Mainland market update statistics will give you insight into the Vancouver and Fraser Valley real estate markets.
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