Spring ushers in calmer housing market trends in Metro Vancouver
After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the
region totalled 2,918 in May 2022, a 31.6 percent decrease from the 4,268 sales recorded in May
2021, and a 9.7 percent decrease from the 3,232 homes sold in April 2022.
Last month’s sales were 12.9 percent below the 10-year May sales average.
“With interest rates rising, home buyers are taking more time to make their decisions in today’s
housing market,” said Daniel John, REBGV Chair. “Home buyers have been operating in a
frenzied environment for much of the past two years. This spring is providing a calmer
environment, with fewer multiple offer situations, which is allowing buyers to explore their
housing options, understand the changing mortgage market, and do their due diligence.”
There were 6,377 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5
percent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 percent increase
compared to April 2022 when 6,107 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
10,010, an 8.8 percent decrease compared to May 2021 (10,970) and a 13.8 percent increase
compared to April 2022 (8,796).
For all property types, the sales-to-active listings ratio for May 2022 is 29.2 percent. By
property type, the ratio is 18.3 percent for detached homes, 35.5 percent for townhomes, and
38.1 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 $1,261,1001
. This represents a 14.7 percent increase over May 2021 and a 0.3 percent decrease compared to April 2022.
Sales of apartment homes reached 1,605 in May 2022, a 21.7 percent decrease compared to the
2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This
represents a 15 percent increase from May 2021 and a 0.4 percent increase compared to April
Attached home sales in May 2022 totalled 520, a 35 percent decrease compared to the 800 sales
in May 2021. The benchmark price of an attached home is $1,141,200. This represents a 21.5 percent increase from May 2021 and a 0.6 percent decrease compared to April 2022.
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.