It’s the time of year where we start to get a clearer picture of the real estate market in Metro Vancouver. To understand what’s happening in the real estate market you have to look at supply and demand. With interest rates and housing supply increasing, activity is slowing down, but there are still buyers out there.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,444 in June 2022, a 35 percent decrease from the 3,762 sales recorded in June 2021, and a 16.2 percent decrease from the 2,918 homes sold in May 2022.
Market conditions vary substantially by property type, community and price range. Here’s a snapshot look at the Vancouver real estate market highlights for the month of June:
When you are thinking of buying or selling your home in Vancouver, it is important to understand what is happening in the housing market. There are of course many other important factors to also take into consideration (Guide to Buying Your Dream Home), so it’s important to look specifically at what the market is doing in your local area.
Wondering how this affects your real estate dreams? My goal is to ensure you are confident and comfortable with every choice you make. Your best interests are always top of mind so that I can help you before, during and after the sale.
Send me a message with your questions; I’m here to help.