Home listings up, sales down and prices starting to decrease to start
the summer season. 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 percent decrease from the 3,762 sales recorded in June
2021, and a 16.2 percent decrease from the 2,918 homes sold in May 2022.
Last month’s sales were 23.3 percent 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.”
There were 5,256 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in June 2022. This represents a 10.1 percent decrease compared to the 5,849 homes listed in June 2021 and a 17.6 percent decrease compared to May 2022 when 6,377 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
10,425, a 3.8 percent decrease compared to June 2021 (10,839) and a 4.1 percent 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.”
For all property types, the sales-to-active listings ratio for June 2022 is 23.4 percent. By
property type, the ratio is 14.3 percent for detached homes, 31.5 percent for townhomes, and
30.2 percent for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12
percent for a sustained period, while home prices often experience upward pressure when it
surpasses 20 percent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $1,235,900. This represents a 12.4 percent increase over June 2021, a
two percent decrease compared to May 2022, and a 2.2 percent decrease over the past three
months.
Sales of detached homes in June 2022 reached 653, a 48.3 percent decrease from the 1,262
detached sales recorded in June 2021. The benchmark price for a detached home is $2,058,600.
This represents a 13.4 per cent increase from June 2021, a 1.7 per cent decrease compared to
May 2022, and a 1.8 per cent decrease over the past three months.
Sales of apartment homes reached 1,326 in June 2022, a 25.3 per cent decrease compared to the
1,774 sales in June 2021. The benchmark price of an apartment home is $766,300. This
represents a 12.7 per cent increase from June 2021, a 1.7 per cent decrease compared to May
2022, and a 0.8 per cent decrease over the past three months.
Attached home sales in June 2022 totalled 465, a 36 per cent decrease compared to the 726 sales
in June 2021. The benchmark price of an attached home is $1,115,600. This represents a 17.8 per
cent increase from June 2021, a 2.2 per cent decrease compared to May 2022, and a 2.7 per cent
decrease over the past three months.
Contact Jacob & Jacky About Selling
If you are considering selling please visit our ‘Working Together‘ page. There you will find an option for an online evaluation tool, or feel free to reach out to us for a more personal assessment of your home. Contact us today.
