Sales🔽 :0.9% decrease compared from July 2022, and and 40.7% decrease from August 2021. Last month’s sales were 29.2% below the 10-year June sales average.
Inventories🔽 : 6.1% decrease compared to July 2022 (10,228) and a 7.3% decrease compared to August 2021 (9,005).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 2.2% decrease over July 2022 and 7.4% increase compared to August 2021.
My comments:
The housing market continued its downward trend in August. This could be attributed to the interest rate hikes and worldwide inflation. In addition, it is not uncommon to see a slower housing market in July and August as people go on vacation during this time of the year. I expect continued downward pressure on detached homes. However, condos around $500k-$700k range seem to be picking up slowly. I am seeing more sales and shorter DOM (days on market) for condos in this price range. My recommendation for buyers who plan to upsize: This is not a bad time to make the switch. Condo prices have not changed much compared to earlier this year when market was red hot but detached market has decreased 10%-20% in different areas. There are more options and sellers are more willing to negotiate. For investment properties, I still recommend downtown condos (studios or 1 bedroom units) between $500k-$600k. Price for those units did not change much in the last 3 years due to COVID when the rest of Greater Vancouver went crazy. Given the relaxation of COVID protocols and high demand in rental units, I view purchasing a downtown studio or 1 bedroom unit as a good investment opportunity.
Enjoy the rest of summer!
Sheron