VANCOUVER REAL ESTATE MARKET UPDATE FOR AUGUST 2022

Metro Vancouver's housing market is experiencing a quieter summer season marked by reduced sale and listing activity.



The Real Estate Board of Greater Vancouver saw residential homes sales total 1,870 for Augusgt 2022 which is a 40.7% decrease from this time last year (3,152) and a 09% decrease from the 1,887 homes sold in July 2022. Last month's sales were 29.2 below the 10-year August sales average.



Newly listed properties in August for Metro Vancouver reached 3,328 for all property types. This equates to a 17.5% decrease from August 2021 (4,032) and a 16% decrease compared to July 2022 (3,960).


Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.



Broken down by property type, the sales-to-active ratio for August 2022 is 12.2% for detached homes, 25.3% for townhouses, and 24.8% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is in a Balanced Market.



The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,180,500 this represents a 7.4% increase over August 2021.


The total sales for August 2022 were 1,870. This works out to 517 detached homes with a benchmark price of $1,954,100, 355 townhouses with a benchmark price of $1,069,100 and 998 apartments with a benchmark price of $740,100.




Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!


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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.