Vancouver home sales down 40% from last year, nearly 1% since July

The board says gross sales for the month amounted to three,152 and got here amid a quieter summer season season marked by decreased shopping for and itemizing exercise.

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The Actual Property Board of Better Vancouver says final month’s house gross sales plunged roughly 40 per cent since August 2021, however had been virtually unchanged from this previous July.

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The board says gross sales for the month amounted to three,152 and got here amid a quieter summer season season marked by decreased shopping for and itemizing exercise.

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Final month’s gross sales had been almost 30 per cent beneath the 10-year August common.

Gross sales of indifferent properties noticed probably the most dramatic year-over-year drop at 45 per cent with residences trailing at 39 per cent and hooked up properties at 38 per cent.

The composite benchmark value reached greater than $1.1 million, a seven per cent enhance over August 2021 and a two per cent drop in comparison with July 2022.

Andrew Lis, the board’s director of economics and information analytics, attributed most of the figures to the excessive value of residing.

“With inflationary strain and rates of interest on the rise, homebuyer and vendor exercise shifted beneath our long-term seasonal averages this summer season,” he stated, in a information launch.

“This shift in market circumstances brought about costs to edge down over the previous 4 months.”