Hi, it's Cari Mai and this is your Vancouver real estate market update for July 2022.
Last month, we saw higher interest rates cause housing inventory to accumulate with sales volumes decreasing and prices shifting downward.
Home buyers are more cautious now and quite a few of them are waiting on the sidelines to 'watch' the market.
The MLS benchmark price was $1,235,900 across all homes in Greater Vancouver. This is a 12% increase from June 2021 and a 2% decrease from the past 3 months.
With the Bank of Canada's interest rate expected to increase by 0.75% on July 13th, we'll expect to see prices to continue trending downward. [*Correction: Bank of Canada interest rates rose 1% on July 13th, 2022. In the video I said 0.75%...oops!
Detached home prices across Greater Vancouver have entered balanced market territory. However, there are differences in sales activity across different areas and price points for each home type. Reach out to me if you have questions about a specific area!
This is how much a typical home in Greater Vancouver will cost you (June 2022):
A detached house will cost you an average benchmark price of $2,058,600. This is a 13% increase in price and a 48% decrease in sales volume from June 2021. Detached home prices decreased by 2% over the past 3 months.
A condo would cost you an average benchmark price of $766,300. This is a 13% increase in price and a 25% decrease in sales volume from June 2021. Condo prices dropped 1% over the past 3 months.
A townhouse would cost you an average benchmark price of $1,115,600. This is a 18% increase in price and a 36% decrease in sales volume from June 2021. Townhouse prices decreased by 3% over the past 3 months.
I hope that gives you a glimpse of Vancouver's real estate market for July 2022. Feel free to DM me or leave a comment if you have any questions about what you just heard.