August 2022 – Monthly Vancouver Real Estate Update

Vancouver Real Estate – Monthly Market Update – Infographic – August 2022
For the last few months we've been seeing real estate activity slowing in Vancouver. This past August continued that trend, making it four in a row.

What's causing this slowdown? Predominantly, it's rising interest rates...and the commensurate saber-rattling of the Bank of Canada.

With money getting more expensive, and warnings from the Bank of Canada, it's giving pause to market participants on both sides of the transaction.

Sales hit 579 this past month. While that was a very slight rise over the previous month (+1.8%) it was down significantly from a year ago (-35%) and also -32.8% from the 10-year average.

New Listings meanwhile also slowed to just 1,063. That's down -15.7% from the previous month and -19.4% from last year. Total active listings also fell to just 3,319 down -12.3% from last month and -11.1% from a year before.

This consistent slowdown of activity is easing pressure on prices. The result is that while prices are still generally higher today than they were a year ago (for everything other than Westside houses), recent months of seen overall declines in prices.

All of that being said, there are signs of stability entering the market. Previous months showed fairly precipitous drops in activity while this past month things appear to have leveled off. 

It'll be interesting to see where we go from here as another significant interest rate hike hit at the beginning of September...just as we enter a typically stronger market period through the fall.


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