Trust everyone has a great summer so far.
The following article (an excerpt) has been published by the Real Estate Board of Greater Vancouver on September 2, 2022.
When you have real estate related questions, feel free to contact Eva Li.
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Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity. “With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”
For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent.
By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.