The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,288, a 4.4% increase compared to July 2021 (9,850) and a 1.3% decrease compared to June 2022 (10,425).
“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,” John said. “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.”
For all property types, the sales-to-active listings ratio for July 2022 is 18.3%. By property type, the ratio is 11.8% for detached homes, 20% for townhomes, and 24.5% for apartments.
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
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% increase over July 2021 and a 2.3% decrease compared to June 2022.