Home sales plunged about 40% last month compared to August 2021, but little changed from July, according to the Greater Vancouver Real Estate Commission.
According to the board, monthly sales in the covered regions reached 1,870, amid a quieter summer season marked by reduced buying and listing activity. In August 2021 he had 3,125 reported sales.
Last month’s sales were nearly 30% below the 10-year August average, according to the board.
Comparing figures for August 2021 and August 2022, single-family home sales fell most dramatically at 45%, apartments at 39% and attached homes at 38%.
The composite benchmark price reached over $1.1 million, up 7% from August 2021 and down 2% from July 2022.
Andrew Liss, the board’s director of economics and data analytics, attributes much of the numbers to the high cost of living.
“Inflationary pressures and higher interest rates have pushed homebuyer and seller activity below long-term seasonal averages this summer,” he said in a news release.
“Prices have fallen slightly over the past four months due to this change in market conditions.”
The Greater Vancouver Real Estate Commission covers the communities of Burnaby, Coquitlam and Maple
Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta,
Squamish, Sunshine Coast, Vancouver, West Vancouver, Whistler.
