Vancouver Real Estate Market Update For August 2022!

A 43.3 percent decrease from homes sold in July 2021, and a 22.8 percent decrease from homes sold in June 2022, yet home prices are still up 10.3% from this time last year. Find out what it all means in this month's Vancouver real estate market update video for August 2022.

This is your Vancouver real estate market update for August, 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 July and I have a special guest, Alex McFadyen of Thrive Mortgage Company who will be joining me 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 43.3 percent decrease from the sales recorded in July 2021, and a 22.8 percent decrease from the homes sold in June 2022.

Last month’s sales were 35.2 percent below the 10-year July sales average.

Home buyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns. This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months.

After two years of market conditions that favoured home sellers, home buyers now have more selection to choose from and more time to make their decision. In today’s changing housing market, both home buyers and sellers should invest the time to understand what these changes mean for their personal circumstances.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,400. This represents a 10.3 percent increase over July 2021, and a 2.8 percent decrease compared to June of 2022. So, beware of the media claiming that housing prices took a dive last month because home prices are still up 10.3% from this time last year.

I had a very busy month last month as many of the buyers I was working with realized that now was the perfect time for them to find the home they wanted. I also had a listing that generated multiple offers after only 6 days on the market. This was after the home had been previously listed by another agent for two weeks without a single offer on the home. That is the power of the video marketing I provide to every one of my sellers and the listings I take.

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.