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.
The Real Estate Board of Greater Vancouver saw residential homes sales total 1,887 for July 2022 which is a 43.3% decrease from this time last year (3,326) and a 22.8% decrease from the 2,444 homes sold in June 2022. Last month's sales were 35.2 below the 10-year July sales average.
Newly listed properties in May for Metro Vancouver reached 3,960 for all property types. This equates to a 9.5% decrease from July 2021 (4,377) and a 24.7% decrease compared to June 2022 (5,256).
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 July 2022 is 11.8% for detached homes, 20% for townhouses, and 24.5% 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 Buyer's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,207,400 this represents a 10.3% increase over July 2021.
The total sales for July 2022 were 1,887. This works out to 523 detached homes with a benchmark price of $2,000,600, 304 townhouses with a benchmark price of $1,096,500 and 1,060 apartments with a benchmark price of $755,000.
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!