May 2022 saw Vancouver's real estate market continue to back off the torrid pace of the last two years. Rising interest rates are having their effect on market sentiment, and buyer's are taking their time to digest the shifting landscape.
The last month saw Sales dip to 899 (-7.42% month-to-month and -25.64% year-over-year). While this is also down -15.6% from the 10-year-average, it puts us back to what would be considered more typical sales levels for this time of year.
While New Listings bumped up to 1,958 (+0.8% month-to-month) it did not result in a flood of new listings on the market. In fact, Total Active Listings (supply) reached 3,593 which was only slightly higher than the 10-year-average of 3,588.
The result is that prices are no longer getting pushed upwards. Buyers are able to take their time in purchasing. Making informed decisions based on reasonable due diligence. Meanwhile, sellers are having to be extremely careful about how they position themselves to make a successful sale.
Our market has slowed considerably, and it's likely to be a quieter summer. However, there is still considerable activity...as well as opportunity.
Where we go from here will depend a lot on supply. Clearly demand has softened, but supply continues to be limited (something we've been dealing with for years). If supply floods the market that will significantly alter the landscape.
The last month saw Sales dip to 899 (-7.42% month-to-month and -25.64% year-over-year). While this is also down -15.6% from the 10-year-average, it puts us back to what would be considered more typical sales levels for this time of year.
While New Listings bumped up to 1,958 (+0.8% month-to-month) it did not result in a flood of new listings on the market. In fact, Total Active Listings (supply) reached 3,593 which was only slightly higher than the 10-year-average of 3,588.
The result is that prices are no longer getting pushed upwards. Buyers are able to take their time in purchasing. Making informed decisions based on reasonable due diligence. Meanwhile, sellers are having to be extremely careful about how they position themselves to make a successful sale.
Our market has slowed considerably, and it's likely to be a quieter summer. However, there is still considerable activity...as well as opportunity.
Where we go from here will depend a lot on supply. Clearly demand has softened, but supply continues to be limited (something we've been dealing with for years). If supply floods the market that will significantly alter the landscape.
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.
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