Vancouver's housing market has entered a 'new cycle.' Here's what that means.

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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.