(Vancouver) Home sales in Greater Vancouver fell 43% in July from the same month last year and 23% from June, the area’s real estate board said Wednesday.
Posted yesterday at 2:57 p.m.
Residential property sales came in at 1,887 last month, and were 35.2% below the 10-year sales average for July.
According to the real estate board, these figures signal that a new market cycle, characterized by a decrease in demand for housing, has arrived.
Part of that cycle includes a gradual increase in the number of homes for sale, the real estate board said, but last month’s listings totaled 3,960 properties, down nearly 10% from July 2021 and 25% compared to June 2022.
Meanwhile, the compound benchmark price for the region stood at over 1.2 million last month, an increase of around 10% from July 2021 and a decrease of 2% from June 2022. .
“Homebuyers are showing more caution in the current market in response to rising interest rates and inflationary concerns,” Real Estate Board Chairman Daniel John said in a statement.
“This has allowed the selection of homes for sale to increase and prices to decline slightly in the area over the past three months. »