Vancouver Real Estate Market Update For June 2022!

I have a surprise guest for you in this month's market update video. Reza Sabour, a mortgage broker with Centum Mortgage will be joining us to give us his take on a number of new developments that will impact Vancouver’s real estate market.

This is your Vancouver real estate market update for June 2022 and we’re getting into it right after this.

Hey, everyone. I’m Craig Veroni with RE/MAX Masters Realty. I’m your local real estate agent here in Vancouver, BC. In today’s video, I’m going to cover what’s happened in the Vancouver real estate market through the month of April and what might be coming that could affect that market.

I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please hit that subscribe button, and don’t forget to click on that bell so you can be notified immediately when I have a new video out. I really want you to be able to stay up to date on all the latest tips and insights into the Vancouver real estate market so you can become an expert too.

So, let’s jump into it. The Real Estate Board of Greater Vancouver reports that residential home sales in the region saw a 31.6 percent decrease from the sales recorded in May 2021, and a 9.7 percent decrease from the homes sold in April 2022.

Last month’s sales were 12.9 percent below the 10-year May sales average.

The Real Estate Board Of Greater Vancouver Chair, Daniel John says, with interest rates rising, home buyers are taking more time to make their decisions in today’s housing market. Home buyers have been operating in a frenzied environment for much of the past two years. This spring is providing a calmer environment, with fewer multiple offer situations, which is allowing buyers to explore their housing options, understand the changing mortgage market, and do their due diligence.

Upward pressure on home prices has begun to ease in the housing market over the last two months. Where home prices go next will depend on the housing supply. While we’re beginning to see modest increases in home listings, we still need housing supply totals to more than double to bring the market close to balanced territory.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,261,101. This represents a 14.7 percent increase over May 2021 and a 0.3 percent decrease compared to April 2022.

If you want to stay on top of the market, whether you’re buying or selling a home, knowledge is key and the Snap Stats market reports are a fantastic way to arm yourself with tons of knowledge on your market area.

To download the full market reports simply click on the images below to get the Metro Vancouver, Greater Vancouver, or, Fraser Valley reports.

If you’re watching this on Youtube, down in the description section is a link to a sample report which I send to my clients on a monthly basis. Feel free to review that and if it’s something you find of value, and trust me you’re going to love these reports, you can simply fill out your name and email address to start receiving the reports monthly.

What’s Coming?

To talk about what’s coming that could affect our market I have a surprise guest for you today. Reza Sabour, a mortgage broker with Centum Mortgage will be joining us to give us his take on a number of new developments that will impact Vancouver’s real estate market.

We’re going to head over to the Parallel 49 coffee shop at 1st & Lonsdale where Reza will be joining us. So, let’s go!

Thanks for doing me today, Reza. Let’s talk about the BCFSA’s published report about consumer protection recommendations. You talked at length about this recently on your ST8-Talk Podcast.

The Board is exploring ways to improve the multiple offer experience for home buyers, sellers, and Realtors across the Lower Mainland. In pursuit of this goal, They’re contemplating changes to the Rules of Cooperation, Rule 4.02 Presentation of Offers, and developing changes to the Direction Regarding Presentation of Offers (DRPO) form to make a seller’s direction to delay presentation of offers irrevocable. 

They are also considering changes to Rules of Cooperation, Rule 4.04 to enhance transparency in the multiple offer process and address concerns around so-called “phantom offers”

Specifically, they’re proposing to amend Rule 4.04 in the Rules of Cooperation to require seller’s agents to provide a form to all buyer’s agents whose offers were presented that describes the number of offers presented and the names of the buyers’ agents who submitted the offers. The seller would need to sign this form and their Realtor would provide it to the buyers’ agents, who submitted offers, within 24 hours of the seller accepting an offer.

Scotiabank’s “Very Pessimistic” Outlook Is Real Estate Prices Rise 10%. Thoughts?