Although prices have slipped, Metro Vancouver is nowhere near a buyer’s market yet. housingmarket
from the Real Estate Board of Greater Vancouver revealed, falling 2% from May prices.
The biggest month-over-month change was seen in Port Coquitlam where prices fell 4.1%. It was closely followed by Coquitlam and Maple Ridge, both of which saw 3.9% drops in home prices from May. Indeed, home sales plummeted in June, totalling just 2,444 — a 35% decrease from June 2021 and a 16.2% drop from just one month prior. Detached home sales saw the biggest change, falling 48.3% year over year. Attached home sales were down 36% annually, and apartment sales down a slightly more modest 25.3%.
“Home buyers have more selection to choose from and more time to make decisions than they did over the past year,” John said. “Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.”
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