Greater Vancouver real estate: Housing sales drop in June

Home buyers are dealing with a changing marketplace across Metro Vancouver.

The Real Estate Board of Greater Vancouver says home sales across the region dropped 35 per cent in June 2022 compared to the same time last year. That was 16.2 per cent down from a month earlier.

Meanwhile, overall sales in June 2022 were 23.3 per cent below the 10-year average for the month.

The chair of the REBGV says buyers have had “more selection to choose from and more time to make decisions than they did over the past year.”

“Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate,” said Daniel John.

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The board notes there were also fewer properties listed for sale on the MLS last month than there were in May and the same time last year.

“We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply,” John said. “To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.”

Meanwhile, the benchmark price for a detached home increased in June 2022, sitting at $2,058,600. The REBGV says this represents an increase of 13.4 per cent from June 2021, and a 1.7 decrease from the month earlier, May 2022.