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Home New Release Home sales, prices in Metro Vancouver and Fraser Valley continue to drop

Home sales, prices in Metro Vancouver and Fraser Valley continue to drop

Home sales in the Lower Mainland continue to dramatically decrease well below averages seen over the last few years.

Residential home sales in Metro Vancouver have seen more than a 40-per cent decrease, comparing July 2021 to this year and a nearly 25-per cent decrease in just one month.

Read more:

Cooling home sales push some owners to list their units in hot rental markets

“Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns,” Daniel John said, Real Estate Board of Greater Vancouver’s chair.

“This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.”

In Metro Vancouver, there were 1,887 residential home sales in July, compared to June’s 2,444 — a 22-per cent decrease.

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With added inventory to the real estate market in the region, the board said there has been a 1.3-per cent ($10,425) decrease in average price as well.

“After two years of market conditions that favoured home sellers, homebuyers now have more selection to choose from and more time to make their decisions,” John said.

Read more:

What the Bank of Canada’s latest interest rate hike means for B.C.’s housing market

In the Fraser Valley region, the real estate market is dramatically decreasing in sales, too.

The Fraser Valley Real Estate Board said there has been more than a 50-per cent decrease in sales comparing July 2021 to this year and a 22-per cent decrease in home sales from June to July.

“The weaker demand resulted in prices dropping for the fourth consecutive month, most notably for detached homes which ended the month with a benchmark price of $1,594,400, down 3.5 per cent from last month and by 10.2 per cent since peaking at $1,776,700 in March,” Lilian Choi said, Fraser Valley Real Estate Board’s communications manager.

Read more:

Inflation, high rates putting big purchases on hold? How to budget for must-buys

The benchmark price for all residential properties (including single family homes, townhomes and apartments) in Metro Vancouver is currently sitting at $1,207,400.

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For Fraser Valley, the single family home benchmark price is $1,594,000, townhomes’ $876,500 and apartments at $553,400.

B.C. government introduces 3 day cooling-off period on real estate purchases

B.C. government introduces 3 day cooling-off period on real estate purchases – Jul 21, 2022

© 2022 Global News, a division of Corus Entertainment Inc.

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