{"id":20221,"date":"2022-07-07T10:10:00","date_gmt":"2022-07-07T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20221"},"modified":"2022-07-06T09:35:16","modified_gmt":"2022-07-06T16:35:16","slug":"detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/07\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\/","title":{"rendered":"Detached House Prices in Greater Vancouver are Falling by $37,000 Per Month, Down $57,000 Per House in The Fraser Valley"},"content":{"rendered":"<p style=\"text-align: justify;\">A forecast from TD Bank that BC average home prices will fall by 8.1% by next year appears too optimistic in Metro Vancouver as June sale prices dropped for the third straight month.<\/p>\n<p style=\"text-align: justify;\">The June composite benchmark price for all residential properties in Greater Vancouver was $1,235,900, down 2% from May and a 2.2% decrease over the past three months, reports the Real Estate Board of Greater Vancouver.<\/p>\n<p style=\"text-align: justify;\">Detached house prices are seeing the largest dollar decline, down an average of $37,000 per month since March to a June benchmark price of $2,058,600.<\/p>\n<p style=\"text-align: justify;\">On the bellwether Vancouver West Side market, the median price for a detached house plunged $194,000 from May to $3,063,500 in June.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing downward pressure on home prices as we enter summer due to declining home buyer activity, not increased supply,\u201d said Daniel John, REBGV Chairman.<\/p>\n<p style=\"text-align: justify;\">Total residential sales in Greater Vancouver totalled 2,444 in June 2022, a 35% decrease from June 2021, and a 16.2% decrease from the 2,918 homes sold in May 2022.<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board (FVREB) processed 1,281 sales in June, down 5.8% compared to May and a 43% plunge compared to June of last year.<\/p>\n<p style=\"text-align: justify;\">\u201cIn just two months our market overall has shifted into balance, mainly due to a softening of demand for single-family detached homes,\u201d said FVREB president Sandra Benz, who noted the effect of rising mortgage rates.<\/p>\n<p style=\"text-align: justify;\">Fraser Valley detached house price dropped 3.5%, or $57,855, month-to-month to a June benchmark of $1,653, 000 reports the Fraser Valley Real Estate Board.<\/p>\n<p style=\"text-align: justify;\">The Bank of Canada, which has increased its trend-setting interest rate 75 basis points since March, is expected to jack the rate from 50 to 75 basis points on July 6 to fight inflation.<\/p>\n<p style=\"text-align: justify;\">This will trigger a further decline in home sales and prices, according to TD Bank. In a June 30 report, TD forecast that BC will see among the sharpest corrections, with average home prices falling by 8.1% into 2023.<\/p>\n<p style=\"text-align: justify;\">The price drops and increased supply should be welcome by homebuyers, according to real estate agents.<\/p>\n<p style=\"text-align: justify;\">\u201cIn most areas of Metro Vancouver and especially at higher price points, it is a buyer\u2019s market now,\u201d said Kevin Skipworth, managing partner with Dexter Associates Real Estate in Vancouver.<\/p>\n<p style=\"text-align: justify;\">He pointed to the city of Vancouver strata sector as especially enticing due to increased supply and falling prices. The benchmark price of a townhouse in the city dropped nearly 2% in June from a month earlier and condo prices fell 2.3% month-to-month, with the biggest decline in the trendy West Side.<\/p>\n<p style=\"text-align: justify;\">\u201cVancouver\u2019s West Side has seen townhouses and condos go up to five-month\u2019s supply from three months last year,\u201d Skipworth said. \u201cWhat a switch and an opportunity compared to a year ago. Buyers, your time is now.\u201d<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/07\/metro-vancouver-house-prices-plunge-interest-rate-rises\" target=\"_blank\" rel=\"noopener\">Metro Vancouver House Prices Plunge as Interest Rate Rises<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A forecast from TD Bank that BC average home prices will fall by 8.1% by next year appears too optimistic in Metro Vancouver as June sale prices dropped for the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/07\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\/\">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-20221","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>Detached House Prices in Greater Vancouver are Falling by $37,000 Per Month, Down $57,000 Per House in The Fraser Valley &#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\/07\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Detached House Prices in Greater Vancouver are Falling by $37,000 Per Month, Down $57,000 Per House in The Fraser Valley &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A forecast from TD Bank that BC average home prices will fall by 8.1% by next year appears too optimistic in Metro Vancouver as June sale prices dropped for the &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Detached House Prices in Greater Vancouver are Falling by $37,000 Per Month, Down $57,000 Per House in The Fraser Valley\",\"datePublished\":\"2022-07-07T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/\"},\"wordCount\":467,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/07\\\/detached-house-prices-in-greater-vancouver-are-falling-by-37000-per-month-down-57000-per-house-in-the-fraser-valley\\\/\",\"name\":\"Detached House Prices in Greater Vancouver are Falling by $37,000 Per Month, Down $57,000 Per House in The Fraser Valley &#8226; 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