Vancouver sales down 35%
The Canadian Press – July 5, 2022 / 10:21 | History: 374282
Photo: The Canadian Press
The Greater Vancouver Real Estate Board says home sales last month were down about 35 percent since last June and 16 percent since May 2022, as homes remained at market longer and interest rates rose.
The BC council says sales in the region rose to 2,444 last month, down from 3,762 in June 2021 and 2,918 homes in May 2022.
Last month’s sales were 23.3% below the June 10-year average of sales.
Council Chairman Daniel John says the drop in sales came because buyers have more properties to choose from, but rising interest rates and 39-year high inflation make them cautious and, by the way, thus, listings remain available for longer.
The market saw 5,256 new listings last month, a drop of about 10 percent from 5,849 in June 2021 and 17.6 percent from 6,377 in May 2022.
Meanwhile, the composite reference price of the housing price index stood at more than $ 1.2 million last month, an increase of 12.4% over June 2021, a decrease of 2% compared to May 2022 and a decrease of 2.2% over the last three months.
“We’re seeing downward pressure on home prices as we enter Vancouver Metro in the summer due to declining activity from home buyers, not increased supply,” he said. John in a statement. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase the housing supply.”