The demand for housing is continuing to slow across Metro Vancouver, and compared to last year, the region saw a massive drop in home sales in July.
According to the Real Estate Board of Greater Vancouver (REBGV), July 2021 saw 3,326 homes sold in Metro Vancouver. In July 2022, that number dropped by 43.3% to 1,887 properties sold. That also represents a 22.8% decrease since June of this year when 2,444 homes were sold.
July 2022 numbers were also 35.2% below the 10-year July sales average.
REBGV suggests the numbers represent home buyers “exercising more caution in today’s market” thanks to factors like rising interest rates and inflation.
“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months,” said REBGV Chair Daniel John in a statement.
Listings were also down compared to last year.