B.C. home sales lag in July
Posted August 11, 2022 7:55 am.
“For Sale” signs appear to be staying up longer and longer across real estate markets in B.C.
The BC Real Estate Association says home sales fell 42.4 per cent in July compared to the same time last year.
“High mortgage rates continued to lower sales activity in July,” said BCREA chief economist Brendon Ogmundson.
“Many regions around the province have seen sales slip to levels well below normal for this time of year.”
The BCREA notes that inventory is accumulating — which may be a good thing for those looking to get into the market, with many suggesting prices could trend down as supply increases. But we’re not quite there yet, with inventories remaining “quite low.”
The association says active listings in B.C. rose 28 per cent in July year-over-year. However, the BCREA says the level in July 2021 was already low.
“But the slow pace of sales has tipped some markets into balanced or even buyers’ market territory,” the BCREA writes.
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Meanwhile, the average sale last month province-wide was just over $923,000, up almost four per cent from the same period in 2021.
The figures released by the BCREA are in line with what is being seen across Metro Vancouver’s housing market. The Real Estate Board of Greater Vancouver said last week that residential home sales dropped by 43.3 per cent in July compared to the same time last year across that region.
“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” said Daniel John, REBGV Chair.
“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”
The board said last month’s sales were 35.2 per cent below the 10-year sales average for the overall month of July.
