Vancouver Real Estate Market Update For July 2022

Real estate agent, Sal Toosi and Mortgage Broker, Reza Sabour join me on this episode to discuss the Bank of Canada's recent 1% whopping interest rate hike.




This is your Vancouver real estate market update for July, 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 June and I have 2 special guests today to talk about 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 35 percent decrease from the sales recorded in June 2021, and a 16.2 percent decrease from the homes sold in May 2022.

Last month’s sales were 23.3 percent below the 10-year May sales average.

With interest rates and housing supply increasing, Metro Vancouver* home buyers are operating in a changing marketplace to begin the summer season. 

Home buyers have more selection to choose from and more time to make decisions than they did over the past year. Rising interest rates and inflationary concerns are making buyers more cautious in today’s housing market, which is allowing listings to accumulate.

We’re seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining home buyer activity, not increased supply. To meet Metro Vancouver’s long-term housing demands, we still need to significantly increase housing supply.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,235,900. This represents a 12.4 percent increase over June 2021, a two percent decrease compared to May 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.