July Market Update

Under Real Estate Market Update

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Written on October 6th, 2022

The stats are in!

The Metro Vancouver statistics for this July have shown a continuation of the trend in decreasing buyer demand that we have been experiencing over the past months.

The number of sales this July continued to decrease by 22.8% from the number of homes sold in June 2022.

Furthermore, July 2022 showed a 43.3% decrease in the number of sales per month when compared with July 2021.

While 2021 was a particularly busy year, the number of monthly sales for July 2022 was still 35.2% below the 10-year average for the month of July.

As the number of sales per month continues to decrease, more properties are sitting on the market for longer, increasing the number of properties currently for sale compared with this time last year.

While benchmark prices are still elevated relative to this time last year, they have dropped 2.3% over the past month.

After an extreme period of sellers being in control, buyers are increasingly gaining the advantage with more options to choose from, and more time to decide.

Have any questions? Give us a call!

Source – The Real Estate Board of Greater Vancouver