{"id":20551,"date":"2022-09-13T10:10:00","date_gmt":"2022-09-13T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20551"},"modified":"2022-09-06T12:26:25","modified_gmt":"2022-09-06T19:26:25","slug":"metro-vancouver-home-sales-dropped-40-7-y-y-home-price-fell-2-2-m-m-as-listings-decline","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-home-sales-dropped-40-7-y-y-home-price-fell-2-2-m-m-as-listings-decline\/","title":{"rendered":"Metro Vancouver Home Sales Dropped 40.7% Y\/Y, Home Price Fell 2.2% M\/M as Listings Decline"},"content":{"rendered":"<p style=\"text-align: justify;\">August was one of the warmest Metro Vancouver summers on record but one of the coolest for the housing market, as sales in the month fell 29.2% below the 10-year August average.<\/p>\n<p style=\"text-align: justify;\">Sales totalled 1,870 in the month, down 40.7% from August 2021, but just 0.9% below the 1,887 transactions in July 2022, based on sales through the multiple listing service (MLS) of the Real Estate Board of Greater Vancouver (REBGV).<\/p>\n<p style=\"text-align: justify;\">&#8220;With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,\u201d Andrew Lis, REBGV\u2019s director, economics and data analytics said. \u201cThis shift in market conditions caused prices to edge down.\u201d<\/p>\n<p style=\"text-align: justify;\">The composite benchmark price for all residential sales in August is $1,180,500, a 7.4% increase from the same month last year and down 2.2% from July 2022. The composite price is down nearly $133,000 from the peak in February 2022.<\/p>\n<p style=\"text-align: justify;\">Detached houses saw the biggest year-over-year sales decline, with the 517 transactions marking a 45.3% decrease from a year earlier. The benchmark price for a detached houses dipped 7.9 per cent from August 2021 and was down 2.3 per cent from July 2022, to $1,954,10.<\/p>\n<p style=\"text-align: justify;\">Based on the current price, that represents a $45,000 drop in value in a month.<\/p>\n<p style=\"text-align: justify;\">Sales of condominium apartments reached 998 in August, a 38.8% decrease compared to August 2021. The benchmark condo price is now $740,100, down 8.7% from a year ago and 2% lower than a month earlier.<\/p>\n<p style=\"text-align: justify;\">Townhome sales totalled 355, a 38.4% decrease compared to August 2021. The benchmark price of a townhome is $1,069,100. This is a 12.7% increase from August 2021, but a 2.5% decrease compared to July 2022.<\/p>\n<p style=\"text-align: justify;\">Sellers also stepped back in August, with new listings in the month down 16% from July and down 17.5% from a year earlier, at 3,328.<\/p>\n<p style=\"text-align: justify;\">The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 9,662, a 7.3% increase compared to August 2021 and a 6.1% decrease compared to July 2022, when 10,288 listings were available.<\/p>\n<p style=\"text-align: justify;\">For all property types, the sales-to-active listings ratio for August was 19.4%. The ratio is 12.2% for detached homes, 25.3% for townhomes, and 24.8% for apartments.<\/p>\n<p style=\"text-align: justify;\">Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months, according to the REBGV.<\/p>\n<p style=\"text-align: justify;\">\u201cHome buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,\u201d Lis concluded.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2022\/09\/homebuyers-sellers-take-breather-august-heat\" target=\"_blank\" rel=\"noopener\">Homebuyers, Sellers Take A Breather in The August Heat<\/a> by Frank O&#8217;Brien | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>August was one of the warmest Metro Vancouver summers on record but one of the coolest for the housing market, as sales in the month fell 29.2% below the 10-year &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/09\/metro-vancouver-home-sales-dropped-40-7-y-y-home-price-fell-2-2-m-m-as-listings-decline\/\">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-20551","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 Dropped 40.7% Y\/Y, Home Price Fell 2.2% M\/M as Listings Decline &#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-home-sales-dropped-40-7-y-y-home-price-fell-2-2-m-m-as-listings-decline\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Metro Vancouver Home Sales Dropped 40.7% Y\/Y, Home Price Fell 2.2% M\/M as Listings Decline &#8226; 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