July Market Update & June Statistics

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    July 2022 Market Update

    Metro Vancouver home sales in June dropped 35% from 2021 amid higher interest rates

    The Real Estate Board of Greater Vancouver says last month’s home sales dropped by about 35 per cent since last June and 16 per cent from May 2022 as houses remained on the market longer and interest rates rose.

    The B.C. board says sales in the region totaled 2,444 last month, down from 3,762 in June 2021, and 2,918 homes in May 2022.

    Last month’s sales were 23.3 per cent below the 10-year June sales average.

    The board’s chair Daniel John says the drop in sales came because buyers have more properties to choose from, but rising interest rates and 39-year high inflation are causing them to be cautious and thus, listings are staying available for longer.

    READ MORE

    Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. For more up-to-date market information please visit macrealty.com/blog.

    Abbotsford

    Bowen Island

    Burnaby East

    Burnaby North

    Burnaby South

    Cloverdale

    Coquitlam

    Kelowna

    Ladner

    Langley

    Maple Ridge

    Mission

    Nanaimo

    New Westminster

    North Delta

    North Surrey

    North Vancouver

    Parksville

    Pitt Meadows

    Port Coquitlam

    Port Moody

    Richmond

    Saanich Peninsula

    South Okanagan

    South Surrey/
    White Rock

    Squamish

    Sunshine Coast

    Surrey – Central

    Tsawwassen

    Vancouver – East

    Vancouver – West

    Victoria

    Vernon

    West Vancouver

    Whistler

    Summer Activities – Discover BC

    British Columbia truly comes alive in the summer time, and for good reason! There is so much to do, and the entire province becomes an outdoorsman’s paradise.

    Check out some of the things you can get up to below!

    READ MORE

    B.C. Real Estate News

    BRITISH COLUMBIA

    Canadian home sales could decline 23% in 2022: TD (Daily Hive)

    LOWER MAINLAND

    June home sales in Vancouver down, along with supply (CBC News)

    Property sales down 60% since March: Fraser Valley Real Estate Board (Mission City Record)

    Fraser Valley housing market continues to cool amid slower sales, softer prices (Financial Post)

    TransLink branching into real estate development (CBC News)

    Vancouver mansion with ‘award-winning basement,’ multiple waterfalls and $96K annual property tax for sale (CTV News)

    Vancouver proposes huge housing development at north end of Granville Bridge (Vancouver Sun)

    Here’s the plan for one of Vancouver’s ‘largest undeveloped sites’ in the city (CTV News)

    VICTORIA & VANCOUVER ISLAND

    Greater Victoria housing market sees price drops, fewer sales (Times Colonist)

    Victoria real estate sales drop as prices continue to climb (Chek News)

    OKANAGAN

    Canada’s fastest-growing region flexes real estate muscle (Business in Vancouver)

    Owners willing to donate property for new Vernon, B.C. park: advocacy group (Global News)

    This communication is not intended to cause or induce breach of an existing agency agreement.

    **Should you no longer wish to receive this communication, please reply to this email with “Unsubscribe” in the subject line.

    ©2022 Macdonald Realty Ltd. 2105 W 38th Ave, Vancouver, B.C. V6M 1R8 | macrealty.com

     

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