With interest rates and housing supply increasing, Metro Vancouver home buyers are operating in a changing marketplace to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 percent decrease from the 3,762 sales recorded in June 2021, and a16.2 percent decrease from the 2,918 homes sold in May 2022. Last month’s sales were 23.3 percent below the 10-year June sales average.
“Home buyers have more selection to choose from and more time to make decisions than they did over the past year,” Daniel John, REBGV Chair said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings
to accumulate.”
There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in June 2022. This represents a 10.1 percent decrease compared to the 5,849 homes listed inJune 2021 and a17.6 percent decrease compared toMay 2022 when 6,377 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,425, a3.8percent decrease compared to June 2021(10,839) and a 4.1 percent increase compared to May 2022(10,010).