VANCOUVER – Greater Vancouver’s real estate commission says last month’s home sales plunged about 40% since August 2021, but little has changed since this past July.
Sales for the month reached 1,870, according to the board, in the midst of a quieter summer season marked by reduced buying and listing activity.
Last month’s sales were nearly 30% below the 10-year August average.
Single-family home sales fell most dramatically at 45% year-over-year, followed by 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.
The board’s director of economics and data analytics, Andrew Lith, 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.”
This report by the Canadian Press was first published on September 2, 2022.
Note to readers: This is a modified story. Previous versions incorrectly listed home sales figures for August.
