{"id":20407,"date":"2022-08-16T11:11:00","date_gmt":"2022-08-16T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20407"},"modified":"2022-08-15T10:06:03","modified_gmt":"2022-08-15T17:06:03","slug":"vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/08\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\/","title":{"rendered":"Vancouver Suburbs Leading Decline in Home Sale Prices as Market Poised for Negative Y\/Y Adjustment"},"content":{"rendered":"<p style=\"text-align: justify;\">BC real estate prices have fallen for a fourth straight month, shaving about 4% off their value from June, transaction statistics show.<\/p>\n<p style=\"text-align: justify;\">Average home sale prices across the province are now down 15.7% in July \u2014 sitting at about $920,000 \u2014 as compared to the market&#8217;s latest peak in March, when the average price was nearly $1.1 million.<\/p>\n<p style=\"text-align: justify;\">Prices in the Fraser Valley have fallen the most of any region in BC since March \u2014 20.5%, as the average unit now sells for just over $1 million.<\/p>\n<p style=\"text-align: justify;\">\u201cHigh mortgage rates continued to lower sales activity in July,\u201d said BC Real Estate Association chief economist Brendon Ogmundson Thursday in his monthly market update for July.<\/p>\n<p style=\"text-align: justify;\">\u201cMany regions around the province have seen sales slip to levels well below normal for this time of year,\u201d added Ogmundson.<\/p>\n<p style=\"text-align: justify;\">Compared to last summer, prices are still up 3.6% in BC; however, prices are trending to a point where they will soon see a year-over-year decline, after peaking at 24.9% gains in March.<\/p>\n<p style=\"text-align: justify;\">Active July listings of 31,386 remain below the estimated 38,000 needed for long-term market balance. Last July there were 24,473 listings.<\/p>\n<p style=\"text-align: justify;\">Sales volume is down 42% year over year, from $8.6 billion worth of transactions in July 2021 to $5.2 billion last month. More properties sold in BC last January (6,138) than they did in July (5,572).<\/p>\n<p style=\"text-align: justify;\">Chilliwack and the Fraser Valley saw the biggest drops in year-over-year sales, with declines of 57% and 50%, respectively.<\/p>\n<p style=\"text-align: justify;\">The association noted that as the pace of sales activity declines below normal levels, inventory is accumulating.<\/p>\n<p style=\"text-align: justify;\">\u201cInventories remain quite low, but the slow pace of sales has tipped some markets into balanced or even buyers\u2019 market territory,\u201d stated the association.<\/p>\n<p style=\"text-align: justify;\">In an effort to curb inflation, sitting at 8.1% in June, the Bank of Canada has increased interest rates from 0.25% in January to 2.5% in July and another rate hike is expected Sept. 7. The bank has stated it is targeting a 3% or 3.25% rate by the end of the year, which will further erode homebuyers&#8217; qualifying levels.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/08\/bc-real-estate-prices-dip-fourth-straight-month\" target=\"_blank\" rel=\"noopener\">BC Real Estate Prices Dip for Fourth Straight Month<\/a> by Graeme Wood | Glacier Media | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BC real estate prices have fallen for a fourth straight month, shaving about 4% off their value from June, transaction statistics show. Average home sale prices across the province are &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/08\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\/\">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-20407","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Vancouver Suburbs Leading Decline in Home Sale Prices as Market Poised for Negative Y\/Y Adjustment &#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\/08\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Vancouver Suburbs Leading Decline in Home Sale Prices as Market Poised for Negative Y\/Y Adjustment &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"BC real estate prices have fallen for a fourth straight month, shaving about 4% off their value from June, transaction statistics show. Average home sale prices across the province are &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=\"2 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\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Vancouver Suburbs Leading Decline in Home Sale Prices as Market Poised for Negative Y\\\/Y Adjustment\",\"datePublished\":\"2022-08-16T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/\"},\"wordCount\":349,\"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\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/08\\\/vancouver-suburbs-leading-decline-in-home-sale-prices-as-market-poised-for-negative-y-y-adjustment\\\/\",\"name\":\"Vancouver Suburbs Leading Decline in Home Sale Prices as Market Poised for Negative Y\\\/Y Adjustment &#8226; 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