Sales🔽 : 22.8% decrease compared from June 2022, and and 43.3% decrease from July 2021. Last month’s sales were 35.2% below the 10-year June sales average.
Inventories🔽 : 1.3% increase compared to June 2022 (10,425) and a 4.4% decrease compared to July 2021 (9,850).
Price 🔼: Benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 2.3% decrease over June 2022 and 10.3% increase compared to July 2021.
My comments: The market was quite slow in July, however, I noticed more activities in the last couple weeks. The sit-and-wait buyers are starting to look at places, compare prices. I don’t think it means market is picking up anytime soon, it just means there are slightly more activities than the past 3 months. Investors are always doing their Math and see when numbers make sense to go in again. With the rent increase, in some areas it is enough to offset the interest rate increase. For buyer who is considering upsizing, it is not a bad time to start looking. Prices for detached homes are coming down around 8-10% in the last 3 months while condos remained relatively the same. It will take some time to sell but at the same time sellers are more willing to negotiate. Today’s market is a much more friendly environment for buyers!