The Real Estate Board of Greater Vancouver says last month's home sales dropped by about 35% from the previous June and 16% from May 2022 as houses remained on the market longer, and interest rates rose.
The B.C. board says sales in the region totalled 2,444 last month, down from 3,762 in June 2021, and 2,918 homes in May 2022. Last month's sales were 23.3% below the 10-year June sales average.
The board's chair Daniel John says the drop in sales came because buyers have more properties to choose from, but rising interest rates and 39-year high inflation are causing them to be cautious, and thus, listings are staying available for longer.
Focusing on the Downtown Vancouver condo market in June 2022, the median price is down and sales activity is significantly down as well.
The under $900,000 market is selling at 38%, 119 out of 310 homes are selling, down 5% from last month.
The $900,000 to $1,000,000 market is selling at 24%, 16 out of 63 homes are selling, up 1% from last month.
The $1,000,000 to $1,250,000 market is selling at 28%, 24 out of 86 homes are selling, down 12% from last month.
The $1,250,000 to $2,000,000 market is selling at 9%, 20 out of 215 homes are selling, down 6% from last month.
The $2,000,000 to $2,500,000 market is selling at 9%, 5 out of 53 homes are selling, same as last month.
The $2,500,000 to $3,000,000 market is selling at 0%, 0 out of 44 homes are selling, down 4% from last month.
The $3,000,000 to $5,000,000 market is selling at 2%, 2 out of 89 homes are selling, down 3% from last month.
The $5,000,000 plus market is selling at 5%, 3 out of 55 homes are selling, up 5% from last month.
Total unit sales in Downtown Vancouver were down 17% from last month and down 5% from June 2021.
Those who are priced correctly for this market are selling on average at a fairly quick rate of 11 days, which is up from 10 days last month.
The median price decreased 5% from last month, and the median price increased 3% from June 2021.
The average price per square foot decreased from $1,100 in May to $1,064 in June.
Our Downtown Vancouver inventory has increased 1% from last month as there are presently 915 active listings which is down 8% from June 2021.
As always, the sellers’ best bets still remain 1 bedroom condos in particular in Downtown. And the buyers’ best bets are units priced between $1.75 to $2 million, in particular Coal Harbour.
I hope you find this helpful, but should you have any questions please don’t hesitate to ask.
Sincerely,
Ian