Metro Vancouver real estate slowdown continues in August

The housing market slowdown appears to be dragging on, with fewer sales and listings reported in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) says home sales were off by more than 40 per cent this August compared to the same month last year. Sales in August were 29.2 per cent below the 10-year average for the month.

The REBGV blames the quieter summer on inflation and higher interest rates.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics, said.

“This shift in market conditions caused prices to edge down over the past four months.”

Related articles: 

• Metro Vancouver housing market sees July slowdown in demand

• When Metro Vancouver homes are listed for both rent and sale: What renters need to know

• Optimism from Metro Vancouver millennials on homeownership

Meanwhile, the number of homes on the MLS system increased slightly — 7.3 per cent — last month compared to the same time last year. Active listings dropped 6.1 per cent between August and July 2022.

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said.

The REBGV says the composite benchmark price in Metro Vancouver is sitting at $1,180,500 — up 7.4 per cent over August 2021. The average price has dropped 2.2 per cent compared to July of this year.