Home buyers in Metro Vancouver are in a changing marketplace to begin the summer season with interest rates and housing supply increasing.
That’s according to the Real Estate Board of Greater Vancouver (REBGV), which is reporting that residential home sales in the region last month saw a 35-per-cent decrease from the sales recorded in June 2021, and a 16.2 per cent decrease homes sold in May 2022.
Last month’s sales were also 23.3 per cent below the 10-year June sales average.
The REBGV’s latest numbers had the benchmark price for a single-detached house in Ladner this June at $1,482,200, down just over four per cent from the previous month, but up 15.4 per cent compared to June 2021.
The benchmark for a detached house in Tsawwassen last month was $1,687,700, down just under three per cent from May 2022, while just under 21 per cent higher compared to June 2021.
The benchmark this June for a townhouse in Ladner was $990,800 and in Tsawwassen it was $1,003,600, down 1.6 per cent and 2.4 per cent respectively from the previous month.
The benchmark this June for a Ladner condo was $735,900, down 1.4 per cent from the previous month, and in Tsawwassen it was $763,500, down almost two per cent from this May.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) is reporting that overall sales in the Fraser Valley fell for the third straight month as prices for all property types continued to soften, bringing greater balance to the region’s real estate market.
According to the FVRB, the benchmark price this June for a single-detached house in North Delta was $1,519,600, down 4.4 per cent from the previous month but 21.7 per cent higher compared to June 2021.
The benchmark for a North Delta townhouse this June was $972,500, a five per cent drop from May 2022, while the benchmark for a North Delta condo was $619,700, down just over three per cent from the previous month.
According to Vancouver-based HouseSigma, a brokerage firm with a digital platform, its June analysis for Metro Vancouver, as of July 1, 2022, found median home prices experienced an overall median price decrease of 13.5 per cent since February 2022.
For all property types, Delta was down 28.3 per cent.
