August 2022: Vancouver Real Estate Report

Here is your August 2022 monthly housing market trends report based on data released by the Real Estate Board of Greater Vancouver (REBGV). The REBGV covers the communities of Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, the Sunshine Coast, Vancouver, West Vancouver and Whistler.

The report shows that residential property sales are down 40% from the same time last year with Metro Vancouver’s market seeing fewer home buyers and sellers in August. Residential home sales in the region came to 1,870 in August 2022, a 40.7% decrease from the 3,152 sales recorded in August 2021, and a 0.9% decrease from the 1,887 homes sold in July 2022.

AUGUST MARKET HIGHLIGHTS BY PROPERTY TYPE

While the benchmark prices have started to come down compared to last month (July 2022), it is worth noting that there is still an observable increase from the same time last year. For example:

BENCHMARK PRICE OF APARTMENT COMPARISON

AUGUST 2022 = $740, 100

JULY 2022 = $755, 000

AUGUST 2021, 735,100

So it’s still a great time for those thinking of selling as inventory is very low, meaning you have less competition and more opportunity to sell on your terms. 

In general, the data over the last few months suggests that the market is beginning to return to a more balanced state. With inflationary pressure and interest rates on the rise, home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs.

It is important to note that market conditions vary substantially by property type, community and price range. If you’re considering selling your property you can enlist the help of a trusted real estate professional to determine what your home is worth in today’s market. You can start with my free home valuation and I’ll get back to you within 5 business days.