Home Trends from Andrea Rozenberg

ANDREA ROZENBERG

Home listings up, sales down and prices starting to decrease to start the summer season

BENCHMARK PRICE Detached $2,058,600

BENCHMARK PRICE Apartment $766,300

ACTIVE LISTINGS 10,425

SOLD LISTINGS 2,444

VANCOUVER, BC – July 5, 2022 - 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. 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). 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. 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. Source: The Real Estate Board of Greater Vancouver | Market values stated are of the benchmark of Vancouver and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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