Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity, according to the Real Estate Board of Greater Vancouver (REBGV).
Residential home sales in the region last month saw a 40.7 per cent decrease from the sales recorded in August 2021, while there was a slight decrease from the homes sold in July 2022.
Last month’s sales were also 29.2 per cent below the 10-year August sales average.
“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer. This shift in market conditions caused prices to edge down over the past four months,” said Andrew Lis, REBGV Director, Economics and Data Analytics, in a news release.
According to the REBGV, the benchmark price this August for a single-detached house in Ladner was $1,423,800. That is down 2.5 per cent from the previous month, but still up 11 per cent from August 2021.
The benchmark price for a detached house in Tsawwassen this August was $1,595,000, unchanged from this July, but up almost 12 per cent from August 2021.
The benchmark for a townhouse in Ladner this August was $932,000, down 4.4 per cent from this July, but still up 9.6 per cent from August 2021.
The benchmark for a townhouse in Tsawwassen this August was $930,300, down five per cent from the previous month, but still up almost nine per cent from August 2021.
Meanwhile, the benchmark price for a condo in South Delta remained steady last month with Ladner at $714,200. That is up 1.4 per cent from this July and 17 per cent from August 2021.
The benchmark price for a Tsawwassen condo this August was $741,800. That up 1.3 per cent from this July and up 15.5 per cent from August 2021.
