After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver* this spring due, in large part, to rising interest rates. Lets see the Monthly Market Report of May 2022
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 2,918 in May 2022, a 31.6 percent decrease from the 4,268 sales recorded in May 2021, and a 9.7 percent decrease from the 3,232 homes sold in April 2022.
Last month’s sales were 12.9 percent below the 10-year May sales average.
“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.”Daniel John, Chair, REBGV
There were 6,377 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 percent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 percent increase compared to April 2022 when 6,107 homes were listed.