{"id":20545,"date":"2022-09-12T11:11:00","date_gmt":"2022-09-12T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20545"},"modified":"2022-09-06T12:23:23","modified_gmt":"2022-09-06T19:23:23","slug":"metro-vancouver-sellers-buyers-were-exercising-caution","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/","title":{"rendered":"Metro Vancouver Sellers &#038; Buyers were Exercising Caution"},"content":{"rendered":"<p style=\"text-align: justify;\">It may have been a hot summer but Metro Vancouver\u2019s real estate market is showing signs of cooling down.<\/p>\n<p style=\"text-align: justify;\">The Real Estate Board of Greater Vancouver said last month\u2019s home sales plunged roughly 40% compared with August 2021.<\/p>\n<p style=\"text-align: justify;\">The board said sales for the month amounted to 3,152 and came amid a quieter summer season marked by reduced buying and listing activity.<\/p>\n<p style=\"text-align: justify;\">\u201cWhat we saw in August and throughout the summer, both homebuyers and sellers were exercising caution,\u201d said Craig Munn, the Real Estate Board of Greater Vancouver\u2019s vice-president of communications.<br \/>\n\u201cThey were really looking at the changing interest rate environment, the inflation pressures across the economy, and they really took a pause to give thought to what that means for their circumstances, whether buying or selling.\u201d<\/p>\n<p style=\"text-align: justify;\">Last month\u2019s sales were almost 30% below the 10-year August average.<\/p>\n<p style=\"text-align: justify;\">Sales of detached homes saw the most dramatic year-over-year drop at 45%, with apartments trailing at 39% and attached homes at 38%.<\/p>\n<p style=\"text-align: justify;\">The composite benchmark price reached roughly $1.1 million, a 7% increase over August 2021 and a 2% drop compared with July 2022.<\/p>\n<p style=\"text-align: justify;\">Andrew Lis, the board\u2019s director of economics and data analytics, attributed many of the figures to the high cost of living.<\/p>\n<p style=\"text-align: justify;\">\u201cWith inflationary pressure and interest rates on the rise, homebuyer and seller activity shifted below our long-term seasonal averages this summer,\u201d Lis said.<\/p>\n<p style=\"text-align: justify;\">\u201cThis shift in market conditions caused prices to edge down over the past four months.\u201d<\/p>\n<p style=\"text-align: justify;\">The Fraser Valley Real Estate Board also released its numbers for August.<\/p>\n<p style=\"text-align: justify;\">The real estate market in the Fraser Valley is also experiencing the same trends as Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">Although the market experienced a slight increase in sales from July, a 2.4% increase, it was still a 51% decrease compared with this time last year.<\/p>\n<p style=\"text-align: justify;\">\u201cFor the past three months we\u2019ve seen the local market return to a more balanced state,\u201d said Sandra Benz, the Fraser Valley Real Estate Board\u2019s president. \u201cWith the Fraser Valley continuing to settle after months of record sales and prices, we expect to see more activity this coming fall as buyers look to capitalize on the region\u2019s reputation for providing greater value for the real estate dollar.\u201d<\/p>\n<p style=\"text-align: justify;\">The board said benchmark prices continued to fall across all property categories, bringing them in line with prices from December 2021 and eating into year-over-year gains.<\/p>\n<p style=\"text-align: justify;\">There also has been a large reported growth for the area in listings, with a 44% increase in August compared with last year.<\/p>\n<p><a href=\"https:\/\/globalnews.ca\/news\/9102893\/b-c-real-estate-august-numbers-home-buyers-sellers-caution\/\" target=\"_blank\" rel=\"noopener\">&#8220;Homebuyers &amp; Sellers were Exercising Caution&#8221; : BC Real Estate Boards Release August Numbers<\/a> by Darrian Matassa-Fung | Global News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It may have been a hot summer but Metro Vancouver\u2019s real estate market is showing signs of cooling down. The Real Estate Board of Greater Vancouver said last month\u2019s home &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/\">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-20545","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 Sellers &amp; Buyers were Exercising Caution &#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\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Sellers &amp; Buyers were Exercising Caution &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It may have been a hot summer but Metro Vancouver\u2019s real estate market is showing signs of cooling down. The Real Estate Board of Greater Vancouver said last month\u2019s home &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\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Metro Vancouver Sellers &#038; Buyers were Exercising Caution\",\"datePublished\":\"2022-09-12T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/\"},\"wordCount\":429,\"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\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/\",\"name\":\"Metro Vancouver Sellers & Buyers were Exercising Caution &#8226; Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2022-09-12T18:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/09\\\/metro-vancouver-sellers-buyers-were-exercising-caution\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Metro Vancouver Sellers &#038; Buyers were Exercising Caution\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling &amp; Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Metro Vancouver Sellers & Buyers were Exercising Caution &#8226; Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/","twitter_card":"summary_large_image","twitter_title":"Metro Vancouver Sellers & Buyers were Exercising Caution &#8226; Rory C Real Estate | Oakwyn Realty","twitter_description":"It may have been a hot summer but Metro Vancouver\u2019s real estate market is showing signs of cooling down. The Real Estate Board of Greater Vancouver said last month\u2019s home &hellip; [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"Metro Vancouver Sellers &#038; Buyers were Exercising Caution","datePublished":"2022-09-12T18:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/"},"wordCount":429,"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\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/","url":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/","name":"Metro Vancouver Sellers & Buyers were Exercising Caution &#8226; Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2022-09-12T18:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-sellers-buyers-were-exercising-caution\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"Metro Vancouver Sellers &#038; Buyers were Exercising Caution"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling &amp; Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20545","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=20545"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20545\/revisions"}],"predecessor-version":[{"id":20546,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/20545\/revisions\/20546"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=20545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=20545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=20545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}