Vancouver's housing market has entered a 'new cycle.' Here's what that means.
Vancouver's housing market has, according to the local real estate board, entered a "new cycle marked by quieter home buyer demand."
In its monthly report, the Real Estate Board of Greater Vancouver said it's seeing a slower demand, coupled with a gradual rising in supply.
The report released Wednesday says 1,887 residential homes sold last month. This is a 43.3 per cent decrease from what the board saw last July, and down 22.8 per cent from June of this year.
Compared to what is typically seen in July in the region, the number of sales is down 35.2 per cent, the board said.
"Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns," according to board chair Daniel John.
The chair said in a statement that what this meant was that buyers have seen an "edging down" of prices over the last three months. In addition, buyers are getting more selection if they're entering the market now.
The board said there were 3,960 homes of all types up for sale last month. That means about 2,073 did not sell within the month.
The number of listings is down a bit from the new listings posted last July, and 24.7 per cent from June. Buyers entering the market now can browse about 10,300 listings currently available in Metro Vancouver, which is higher than the number last year by about 440, though it's fewer listings than were active by the end of June.
What it means is buyers have some advantages over sellers.
"After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision," John said.
But those buyers still shouldn't be expecting much of a deal. The MLS Home Price Index composite, a benchmark of what's available, is still at $1,207,400 in Metro Vancouver.
It's a little lower than last month, but still more than 10 per cent higher than in July 2021.
The benchmarks for all home times are up year-over-year, with buyers of townhomes seeing the biggest increase.
The attached home benchmark sits at $1,096,500 – up nearly 16 per cent from last July. Detached homes and condos are selling for about 11 per cent more than last year.
CTVNews.ca Top Stories
More WestJet flight cancellations as strike hits tens of thousands of travellers
WesJet flight cancellations grew to over 800 Sunday afternoon, upending plans for close to 100,000 passengers as an unexpected strike by plane mechanics entered its third day on the busiest travel weekend of the season.
Neighbour on the hook for $3,675 in damages due to ‘nuisance cedar’: B.C. tribunal
A B.C. man who reneged on a deal to split the cost of removing a tree with his next-door neighbour is now on the hook for the whole amount, B.C.’s civil resolution has ruled.
A study identified 6 types of depression. Here’s why that matters
Scientists may be a step closer to that reality, thanks to new research that has identified six subtypes — or 'biotypes' — of major depression via brain imaging combined with machine learning.
Several U.S. military bases in Europe on heightened alert amid possible terrorist threat
Several U.S. military bases across Europe were put on a heightened state of alert over the weekend, with the level of force protection raised to its second-highest state amid concerns that a terrorist attack could target U.S. military personnel or facilities, according to two U.S. officials.
She's still busy at 105. What secrets and science are behind Canada's 'super agers'?
There is ongoing research to better understand the relationship between social connection and healthy aging, and why the brains of super agers look different compared with their peers.
Nude beach etiquette: Lose your clothes, not your manners
Most of us have felt the freedom and delight that comes with stripping down to a swimsuit on a sunny day and wading into a cool sea, the horizon twinkling in the distance.
Creators urge Ottawa to force disclosure of ‘black box’ AI system training
Canadian creators and publishers want the government to do something about the unauthorized and usually unreported use of their content to train generative artificial intelligence systems.
Canada Day is forecast to be rainy for many this year. Here's a look at weather and fireworks celebrations
Canada turns 157 years old this year, and several fireworks shows across the country are expected to paint the night skies in celebration. Here's a look at the forecast and fireworks celebrations across the country for Canada Day in 2024.
French voters propel far-right National Rally to strong lead in first-round legislative elections
France's high-stakes legislative elections propelled the far-right National Rally to a strong but not decisive lead in the first-round vote Sunday, polling agencies projected, dealing another slap to centrist President Emmanuel Macron.