VANCOUVER - The Real Estate Board of Greater Vancouver says last month's home sales were down a whopping 43 per cent from last July and 23 per cent from this past June.
Sales in the region totalled 1,887 last month and were 35.2 per cent below the 10-year July sales average.
July Monthly Report: The housing market has entered a new cycle marked by quieter home buyer demand and a gradual rise in the supply of homes for sale https://t.co/CAM1r91VLT#REBGV #vanre #marketupdate— REBGV (@REBGV) August 3, 2022
The board says these figures signal a new market cycle characterized by lessening demand for homes is here.
The board says that part of that cycle includes a gradual rise in the number of homes for sale, but last month's listings totalled 3,960 homes, down almost 10 per cent from July 2021 and 25 per cent from June 2022.
Meanwhile, the composite benchmark price for the region sat at more than $1.2 million last month, a roughly 10 per cent increase from July 2021 and a two per cent drop from June 2022.
"Homebuyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns," Daniel John, the board's chair, said in a release.
"This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months."