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The September 2022 report released by the Real Estate Board of Greater Vancouver (REBGV) indicated that more supply than demand and increasing interest rates are pushing Metro Vancouver prices down even further.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period. This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” Andrew Lis, REBGV director, economics and data analytics
Home Sales
In September 2022, there were 1,687 residential home sales in the region, reflecting a 46.4% decrease from the 3,149 sales recorded in September 2021.
Sales of detached homes reached 525, which represented a 44.7% decrease from the 950 detached home sales in September 2021.
Sales of apartment homes reached 888, which represented a 45.2% decrease compared to the 1,621 apartment home sales in September 2021.
Sales of attached homes reached 274, and this represented a 52.6% decrease compared to the 578 sales in September 2021.
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- 12.4% for detached homes
- 18.4% for townhomes
- 20.9% for condos
Home Prices
The MLS Home Price index composite benchmark price for all residential properties in Metro Vancouver for September was $1,155,300. This represents a 3.9% increase over September 2021, an 8.5% decline over the past 6 months, and a 2.1% decline when compared to August 2022.
Click here for a full report.
The real estate market is in transition. This means you have more time and selection to make your decision. Declining prices support prospective buyers, so contact us by email or call us on 604 913 1888, if you are planning on getting into this buyer’s market.