{"id":20092,"date":"2022-06-15T10:10:00","date_gmt":"2022-06-15T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20092"},"modified":"2022-06-08T15:41:13","modified_gmt":"2022-06-08T22:41:13","slug":"metro-vancouver-home-sales-slide-price-reductions-surface","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/metro-vancouver-home-sales-slide-price-reductions-surface\/","title":{"rendered":"Metro Vancouver Home Sales Slide, Price Reductions Surface"},"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 below the $1 million level for the third month in a row.<\/p>\n<p style=\"text-align: justify;\">\u201cWith interest rates rising, homebuyers are taking more time to make their decisions in today\u2019s housing market,\u201d said Daniel John, RE BGV chairman. \u201cHomebuyers 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.<\/p>\n<p>\u201cBut there shouldn\u2019t be.\u201d<\/p>\n<p style=\"text-align: justify;\">Skipworth noted that after other sudden sales and price 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 Bank of Canada rate hike 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% higher than the posted five-year mortgage rate, whichever is higher.<\/p>\n<p style=\"text-align: justify;\">Some sellers are reducing asking prices in a more competitive market in which the number of homes listed for sale shot up 13.8% from a month earlier to 10,010 units in May.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/06\/price-reductions-surface-metro-vancouver-home-sales-continue-slide\" target=\"_blank\" rel=\"noopener\">Price Reductions Surface as Metro Vancouver Home Sales Continue to Slide<\/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\/metro-vancouver-home-sales-slide-price-reductions-surface\/\">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-20092","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>Metro Vancouver Home Sales Slide, Price Reductions Surface &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/metro-vancouver-home-sales-slide-price-reductions-surface\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Sales Slide, Price Reductions Surface &#8226; 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