June Market Update

Under Real Estate Market Update

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Written on October 5th, 2022

The stats are in!

The Metro Vancouver statistics for this June have shown a continuation of the cooling trend we began to feel in March of 2022.

Monthly sales in March remained elevated above average levels but had dipped below the pace set in 2021. April 2022 continued to show signs of reduced buyer activity as home sales slowed further, despite still being slightly above the 10 year average. May 2022 showed the number of monthly sales dropped below the 10 year average as interest rates continued to go up.

The recent June 2022 statistics show the number of monthly sales has continued to drop further below the 10 year average. Due to the substantially reduced buyer activity, prices are starting to soften.

As the market continues to normalize from the flurry of the past year and a half, buyers are now increasingly in control.

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Source: Real Estate Board of Greater Vancouver