August 2022 Market Update

Metro Vancouver’s housing market sees fewer home buyers and sellers in August. It is experiencing a quieter summer season marked by reduced sale and listing activity.

Home sales totaled 1,870 that is a 41% decrease compared to August 2021 and a 1% decrease compared to July 2022.

Home buyer and seller activity shifted below our long-term seasonal averages this summer. Inflationary pressure and interest rates on the rise are drivers of these trends. This shift in market conditions caused prices to edge down over the past four months.

Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs. Preparation is critical in today’s market. If you want to assess what today’s home prices, financing options, and other considerations mean for you, please give me a call.

Victor Song PREC*
Royal LePage Sterling Realty

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