{"id":20078,"date":"2022-06-13T10:10:00","date_gmt":"2022-06-13T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20078"},"modified":"2022-06-03T09:55:23","modified_gmt":"2022-06-03T16:55:23","slug":"calming-market-spooks-home-sellers-as-sales-fall-listings-rise-asking-prices-start-to-slide","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/calming-market-spooks-home-sellers-as-sales-fall-listings-rise-asking-prices-start-to-slide\/","title":{"rendered":"&#8220;Calming Market&#8221; Spooks Home Sellers as Sales Fall, Listings Rise &#038; Asking Prices Start to Slide"},"content":{"rendered":"<p style=\"text-align: justify;\">May housing sales across Greater Vancouver fell for the second straight month and asking prices are being cut as month-to-month benchmark prices have dipped for the first time in at least two years.<\/p>\n<p style=\"text-align: justify;\">Total May housing sales reached 2,918, down 31.6% from May of 2021 and down 9.7% from April of this year, reports the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">April sales were down 25% from March 2022, which had set a monthly transactions record.<\/p>\n<p style=\"text-align: justify;\">While the board\u2019s benchmark composite price index shows a modest 0.3% drop from April, the raw average price of a Greater Vancouver home in May was down $65,000 from the peak high in February, to $1,279,785, according to data provided by Dexter Associates, a veteran Vancouver real estate agency.<\/p>\n<p style=\"text-align: justify;\">The median sold price in Greater Vancouver for May stands at $922,000, down 12% from the February peak, and falling below the $1 million level for the third month in a row.<\/p>\n<p style=\"text-align: justify;\">\u201cWith interest rates rising, home buyers are taking more time to make their decisions in today\u2019s housing market,\u201d said Daniel John, REBGV Chair. \u201cHome buyers have been operating in a frenzied environment for much of the past two years.\u201d<\/p>\n<p style=\"text-align: justify;\">John described the current market as \u201ccalming\u201d but that may not reflect the attitude of some home sellers, especially in the suburbs.<\/p>\n<p style=\"text-align: justify;\">\u201cThere is panic in the market,\u201d said Kevin Skipworth, a partner and managing broker at Dexter Associates, \u201cBut there shouldn\u2019t be.\u201d<\/p>\n<p style=\"text-align: justify;\">Skipworth noted that after other sudden sales and prices slides \u2013 in 2008, 2016 and 2018 \u2013 the Metro Vancouver market recovered quickly.<\/p>\n<p style=\"text-align: justify;\">\u201cThere will always be troughs and peaks, that\u2019s what markets do,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Still the slump in May sales was before the latest increase in the Bank of Canada rate on June 1, which raised the bellwether overnight lending rate 50 basis points to 1.5%, the highest since pre-pandemic days.<\/p>\n<p style=\"text-align: justify;\">Also, the mandatory mortgage stress test increased on June 1 to 5.25%, or 2% above the posted five-year mortgage rate, whichever is higher.<\/p>\n<p style=\"text-align: justify;\">Some sellers are cutting asking prices in a more competitive market that saw the number of homes listed for sale shoot up 13.8% from a month earlier to 10,010 units in May.<\/p>\n<p style=\"text-align: justify;\">In Richmond, where the May benchmark price of a detached house fell 0.4% from April, there have been several price reductions in the first week of June, according to REW.ca, the giant Glacier Media real estate portal, which provided some examples.<\/p>\n<p style=\"text-align: justify;\">A three-bedroom house at 3831 Royalmore Avenue, Richmond was listed at $1,798,000 on May 26. On June 2 the asking price was reduced to $1,599,900. A Richmond condominium apartment at 4111 Bayview Street also saw a week-to-week priced reduction of $200,000 to $1,299,800.<\/p>\n<p style=\"text-align: justify;\">According to House Sigma, a real estate portal that tracked Metro Vancouver median detached house price changes from the February peak, prices in New Westminster, Port Moody, Maple Ridge and Surrey were all at least 14% lower as of May. City of Vancouver median detached house prices, in comparison, are only 0.4% below February, at $2.49 million.<\/p>\n<p style=\"text-align: justify;\">Hao Li, a broker with House Sigma, said many potential home buyers inked a pre-approved mortgage before the Bank of Canada began raising rates in February. Those 60- to 90-day approvals are running out, he said.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re now starting to see the full effect of rising interest rates on buyers and sellers\u2019 habits,\u201d said Li. \u201cDouble-digit dips in detached home averages in areas like Surrey and Maple Ridge highlight the pullback that\u2019s happening in BC\u2019s market.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/06\/metro-vancouver-house-prices-cut-sales-dip-listings-increase\" target=\"_blank\" rel=\"noopener\">Metro Vancouver House Prices Cut as Sales Dip, Listings Increase<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>May housing sales across Greater Vancouver fell for the second straight month and asking prices are being cut as month-to-month benchmark prices have dipped for the first time in at &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/calming-market-spooks-home-sellers-as-sales-fall-listings-rise-asking-prices-start-to-slide\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-20078","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>&quot;Calming Market&quot; 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