(Vancouver) Home sales in Greater Vancouver fell about 40% last month from August 2021, but were almost unchanged from July, the Vancouver Real Estate Board said Friday. the region.
Posted at 12:14 p.m.
Home sales came in at 3,152 in August during a calmer summer season marked by reduced buying and listing activity, the real estate board said.
Last month’s sales were nearly 30% below August’s 10-year average.
Sales of single-detached homes saw the most dramatic year-over-year decline, with a 45% decline, while those of apartments fell 39% and those of townhouses fell 38%.
The compound benchmark price reached over 1.1 million, representing an increase of 7% from August 2021 and a decrease of 2% from July 2022.
The real estate board’s director of economics and data analysis, Andrew Lis, attributed many of the figures to the high cost of living.
“With inflationary pressure and rising interest rates, home buyer and seller activity fell below our long-term seasonal averages this summer,” he said in a statement. hurry.
“This change in market conditions has caused prices to decline slightly over the past four months. »