{"id":814,"date":"2022-09-06T01:04:00","date_gmt":"2022-09-06T05:04:00","guid":{"rendered":"https:\/\/www.exponentialrealty.ca\/blog\/?p=814"},"modified":"2022-09-06T01:04:00","modified_gmt":"2022-09-06T05:04:00","slug":"august-2022-real-estate-stats-comments","status":"publish","type":"post","link":"https:\/\/www.exponentialrealty.ca\/blog\/august-2022-real-estate-stats-comments\/","title":{"rendered":"August 2022 Real Estate stats\/comments"},"content":{"rendered":"<p>Sales\ud83d\udd3d :0.9% decrease compared from July 2022, and and 40.7% decrease from August 2021. Last month\u2019s sales were<strong> 29.2<\/strong>% below the 10-year June sales average.<\/p>\r\n<p>Inventories\ud83d\udd3d\u00a0:\u00a06.1% decrease compared to July 2022 (10,228) and a 7.3% decrease compared to August 2021 (9,005).<\/p>\r\n<p>Price \ud83d\udd3c: 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.<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>My comments:\u00a0<\/p>\r\n<p>The housing market continued its downward trend in August. This could be attributed to the interest rate hikes and worldwide inflation. \u00a0In 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. \u00a0However, 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. \u00a0Condo 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. \u00a0 \u00a0<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Enjoy the rest of summer!<\/p>\r\n<p>&nbsp;<\/p>\r\n<p>Sheron<\/p>\r\n<!-- \/wp:paragraph -->\r\n\r\n<!-- wp:paragraph -->\r\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Sales\ud83d\udd3d :0.9% decrease compared from July 2022, and and 40.7% decrease from August 2021. Last month\u2019s sales were 29.2% below the 10-year June sales average. Inventories\ud83d\udd3d\u00a0:\u00a06.1% decrease compared to July &hellip;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"_links":{"self":[{"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/posts\/814"}],"collection":[{"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/comments?post=814"}],"version-history":[{"count":5,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/posts\/814\/revisions"}],"predecessor-version":[{"id":832,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/posts\/814\/revisions\/832"}],"wp:attachment":[{"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/media?parent=814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/categories?post=814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.exponentialrealty.ca\/blog\/wp-json\/wp\/v2\/tags?post=814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}