Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,022 in January 2023, a 55.3 per cent decrease from the 2,285 sales recorded in January 2022, and a 21.1 per cent decrease from the 1,295 homes sold in December 2022.

Last month’s sales were 42.9 per cent below the 10-year January sales average.

“Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history,” said Andrew Lis, REBGV’s director, economics and data analytics. “Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market.”

There were 3,297 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2023. This represents a 20.9 per cent decrease compared to the 4,170 homes listed in January 2022 and a 173.4 per cent increase compared to December 2022 when 1,206 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,478, a 32.1 per cent increase compared to January 2022 (5,663) and a 1.3 per cent increase compared to December 2022 (7,384).

For all property types, the sales-to-active listings ratio for January 2023 is 13.7 per cent. By property type, the ratio is 10.2 per cent for detached homes, 13.4 per cent for townhomes, and 16.7 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“We know the peak for prices in our market occurred last spring. Over the coming months, year-over-year data comparisons will show larger price declines than we’ve been reporting up to now,” said Lis. “It’s important to understand that year-over-year calculations are backward-looking. These price declines already happened, and what we are seeing today is that prices may have found a footing, even if it’s an awkward one sandwiched between low inventory and higher borrowing costs.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,111,400. This represents a 6.6 per cent decrease over January 2022 and a 0.3 per cent decrease compared to December 2022.

Sales of detached homes in January 2023 reached 295, a 52.6 per cent decrease from the 622 detached sales recorded in January 2022. The benchmark price for a detached home is $1,801,300. This represents a 9.1 per cent decrease from January 2022 and a 1.2 per cent decrease compared to December 2022.

Sales of apartment homes reached 571 in January 2023, a 56.6 per cent decrease compared to the 1,315 sales in January 2022. The benchmark price of an apartment home is $720,700. This represents a 1.1 per cent decrease from January 2022 and a one per cent increase compared to December 2022.

Attached home sales in January 2023 totalled 156, a 55.2 per cent decrease compared to the 348 sales in January 2022. The benchmark price of an attached home is $1,020,400. This represents a three per cent decrease from January 2022 and a 0.8 per cent increase compared to December 2022.

Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022 

After seeing record sales and prices during the pandemic, Metro Vancouver’s* housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 28,903 in 2022, a 34.3 per cent decrease from the 43,999 sales recorded in 2021, and a 6.6 per cent decrease from the 30,944 homes sold in 2020. 

Last year’s sales total was 13.4 per cent below the 10-year sales average. 

“The headline story in our market in 2022 was all about inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising the policy rate. This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada,” Andrew Lis, REBGV’s director, economics and data analytics said. 

Home listings on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 53,865 in 2022. This is a 13.5 per cent decrease compared to the 62,265 homes listed in 2021 and a 0.8 per cent decrease compared to the 54,305 homes listed in 2020. 

Last year’s listings total was 3.2 per cent below the region’s 10-year average. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,384, a 41 per cent increase compared to December 2021 (5,236) and a  19.6 per cent decrease compared to November 2022 ( 9,179). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,114,300. This represents a 3.3 per cent decrease over December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.8 per cent decrease over the past six months. 

“Closing out 2022, the data show that the Bank of Canada’s decisions to increase the policy rate at seven of the eight interest rate announcement dates in 2022 has translated into downward pressure on home sale activity and, to a lesser extent, home prices in Metro Vancouver,” Lis said. “While the consensus among many economists and forecasters suggest the Bank of Canada may be near the end of this tightening cycle, rates may remain elevated for longer than previously expected since the latest inflation figures aren’t showing signs of abating quickly. We’ll watch the 2023 spring market closely to see if buyers and sellers have adjusted to the higher borrowing-costs and are participating more actively in the market than we have seen over the last 12 months.” 

LOOKING AHEAD TO 2023, the consensus among most economists and professional forecasters is that the Bank of Canada is likely near the end of the current interest rate tightening cycle.  Mortgage rates may remain elevated for some time however, as inflation remains a concern for the Bank of Canada, limiting their ability to decrease the policy rate in the near-term.

December 2022 summary in Greater Vamcouver

Residential home sales in the region totalled 1,295 in December 2022, a 51.8 per cent decrease from the 2,688 sales recorded in December 2021, and a 19.8 per cent decrease from the 1,614 homes sold in November 2022. 

Last month’s sales were 37.7 per cent below the 10-year December sales average. 

There were 1,206 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in December 2022. This represents a 38 per cent decrease compared to the 1,945 homes listed in December 2021 and a 60.5 per cent decrease compared to November 2022 when 3,055 homes were listed. 

For all property types, the sales-to-active listings ratio for December 2022 is 17.5 per cent. By property type, the ratio is 12.3 per cent for detached homes, 19.5 per cent for townhomes, and 21.7 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

Sales of detached homes in December 2022 reached 371, a 53.3 per cent decrease from the 794 detached sales recorded in December 2021. The benchmark price for a detached home is $1,823,300. This represents a 5.1 per cent decrease from December 2021, a 1.8 per cent decrease compared to November 2022, and a 11.4 per cent decrease over the past six months. 

Sales of apartment homes reached 702 in December 2022, a 52 per cent decrease compared to the 1,464 sales in December 2021. The benchmark price of an apartment home is $713,700. This represents a 1.7 per cent increase from December 2021, a 0.9 per cent decrease compared to November 2022, and a 6.9 per cent decrease over the past six months. 

Attached home sales in December 2022 totalled 222, a 48.4 per cent decrease compared to the 430 sales in December 2021. The benchmark price of an attached home is $1,012,700. This represents a 0.2 per cent decrease from December 2021, a 1.5 per cent decrease compared to November 2022, and a 9.2 per cent decrease over the past six months. 

FRASER VALLEY:

Sales Volume

Sales volume was down by an average of 20-30% compared to November, depending on the area. For example, there was a 67% increase in condo sales in Mission, but let's be real - there were only 3 sales in November, so that stat is a bit misleading.

But how does this compare to historical trends? That's the more important question, as sales volume is naturally cyclical. When we look at the last 18 years of data, we can see that this past December had the 3rd lowest sales for any December, with a total of just 651 sales in the Fraser Valley. 

As for what will happen with sales now, it's tough to say. But I'm expecting the volume of sales to increase from these historical lows in the coming months. 

Listings

One strange thing about this market is that while prices have continued to fall and the volume of transactions has decreased, we've actually had a relatively low number of listings on the market! To give you an idea of how unusual this is, let's look at the last market crash in 2008/2009. We had a decrease in price and sales volume, but the listing inventory skyrocketed to record levels (10,474 listings in July 2008). This time, we still have a decrease in price and sales volume, but the listing inventory is near record lows under these market conditions (3,476 listings in the Fraser Valley in December). This is just something very strange that we're expecting to increase and we're keeping a close eye on.

Prices

Now, onto prices. The average and median prices were a bit misleading last month, so the best metric to look at this month is the Housing Price Index (HPI). (See Below)

Overall, prices in the Fraser Valley went down 2.1% just last month, which is the exact same decrease we saw the month prior. With the volume of sales so low in some areas, it's not looking like prices will stop falling anytime soon, especially if we see another interest rate hike on January 25th (which is very likely).

WHAT SHOULD YOU DO?

So, my advice for this month is pretty much the same as it was last month. If you're in the market for a bigger place, now might be the perfect time to make the move. You'll probably "save" more money than you'll "lose" in the current market. Plus, the higher-priced homes have come down in price more than the lower-priced ones, making it possible for many people to make a move that wasn't possible before in the rising market.

On the other hand, if you're looking to downsize, you might want to explore options with your broker and realtor to see if there's a way to accomplish your goals sooner rather than later, or possibly even consider other options. It all depends on where you're at in life, whether you're retired or still have a working income, etc.

New Strata Property Act amendments: What you need to know about the end of rental and age restrictions, and new virtual meetings permissions

• Stratas can no longer enforce rental restrictions, except for short-term rental restrictions.
• There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw.
• Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.

FRASER VALLEY

Overall in October we unfortunately saw very much the same sort of market as September, with prices continuing to fall in most categories.

We saw 860 sales in the Fraser Valley in October, which marked the second lowest volume October in the last 20 years. September 2022 was also the second lowest volume for that respective month.  Both lowest records were set in the 2008 financial crisis ( October 2008 was 709 and September 2008 was 912)

To put it in perspective for the last 3 years:

- 2021 had 1863 sales in October

- 2020 had 2215 sales in October

- 2019 had 1313 sales in October

We had the first two weeks of October start off a bit faster, but then, as the interest rate hike happened near the end of the month, things came to a complet slowdown.

What this means is that we just don't have nearly as many sales happening as usual and homes are taking longer to sell than in recent history on average.  Homes priced accurately are selling in the 30-90 day range, but a quick look at the market will see many homes that have been on the market for months and months - the majority of those are simply overpriced in the current market and will not sell unless they reduce. (So the average days on market stats get skewed by these homes!)

ACTIVE LISTINGS:

We saw 5,098 listings in October 2022 which is below the 20-year average which has been between 7000 - 8000 most years prior with exception of 2021 where we had 3184 the lowest in recorded market history.  This is something that we haven't seen too often when we see prices fall at the same time.  Nearly every other time we have had a market crash in recent history, we've seen inventory actually increase as more people flood the market with their homes to sell (Such as July 2008 when we had a whopping 10,474 listings!).  This time is different though, as we are seeing a much more complicated landscape with buyers and sellers.  Many sellers are terrified of selling right now as they see their variable mortgage payments go up by 1/3, see their  home valuation drop by 1/3, and see the cost of rent go up nearly 20% (since last year)if they were to rent ...all very tough decisions for many homeowners out there, and this is certainly a factor for the low listing volume.

PRICES:

With regards to price, we saw roughly the same decrease of home values in most areas of anywhere between 1-3%.  Some areas were more exaggerated such as Cloverdale Detached that has fallen another 6% and Attached 5%.  One area seemed more resilient, South Surrey / White Rock which saw an increase of 7%.  When you look at both areas in the Housing Price Index however (vs Average Prices) then both of these areas show a Housing Price Index as a decrease that lines up with the rest of the Fraser Valley being a decrease of 3% in Cloverdale and 0.5% in South Surrey / White Rock.

Prices are still falling fast due to many economic factors, but primarily the consequence of the interest rate hikes and people's lower affordability.  With the Bank of Canada mandate to decrease our rampant inflation (Currently 6.9% but this DOESN'T include the food and energy sectors which have been hammered) they are set to continue their rate hike policies.  They will likely do this until we have inflation much lower and that number doesn't look like it's coming down any time soon. I am forecasting and predicting sometime in mid to end of 2023.

WHAT SHOULD YOU DO?

If you are a first-time home buyer and thinking of getting in the market, you may want to consider getting pre-approved right now to determine what you can afford and what interest rate you would be locked in at and then see what's available.  Will prices continue to come down? Very likely but will interest rates increase? Almost certainly and sometimes that can be a good reason to buy sooner when you compare what a few rate hikes can do to your monthly payments vs what the price decrease might be etc!

If you are buying and selling then, depending on what you are buying and selling, the relative valuations may go down very similarly giving you a similar "gap" between property prices, and despite the interest rates being higher on your new mortgage, you may actually come out ahead of the game depending on what you're selling! For example, if you are selling a smaller condo right now for $500,000, you may have come down from the peak of the market $100,000 , however the detached house on acreage that you might have paid $3,500,000 might now be $2,700,000 so you can see what I mean about it being favorable for some. You are saving more than you're losing 

Now may be a good time to talk to a mortgage broker, get pre-approved, and purchase your first property, or  sell your existing property to purchase another.  If you need assistance with this, please let me know and I can put you in touch with the rifght people.

Inflation, rising interest rates create caution across Metro Vancouver’s housing market

Home sale activity across the Metro Vancouver housing market continued to trend well below historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.

Last month’s sales were 33.3 per cent below the 10-year October sales average.

“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” Andrew Lis, REBGV’s director, economics and data analytics said. “With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”

There were 4,033 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2022. This represents a 0.4 per cent decrease compared to the 4,049 homes listed in October 2021 and a 4.6 per cent decrease compared to September 2022 when 4,229 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034) and a 1.2 per cent decrease compared to September 2022 (9,971).

“Recent years have been characterized by a frenetic pace of sales amplified by scarce listings on the market to choose from. Today’s market cycle is a marked departure, with a slower pace of sales and more selection to choose from,” Lis said. “This environment provides buyers and sellers more time to conduct home inspections, strata minute reviews, and other due diligence. With the possibly of yet another rate hike by the Bank of Canada this December, it has become even more important to secure financing as early in the process as possible.”

For all property types, the sales-to-active listings ratio for October 2022 is 19.3 per cent. By property type, the ratio is 14.3 per cent for detached homes, 21.6 per cent for townhomes, and 23.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,148,900. This represents a 2.1 per cent increase from October 2021, a 9.2 per cent decrease over the last six months, and a 0.6 per cent decrease compared to September 2022.

Sales of detached homes in October 2022 reached 575, a 47.2 per cent decrease from the 1,090 detached sales recorded in October 2021. The benchmark price for a detached home is $1,892,100. This represents a 1.6 per cent increase from October 2021 and a 0.7 per cent decrease compared to September 2022.

Sales of apartment homes reached 995 in October 2022, a 44.8 per cent decrease compared to the 1,801 sales in October 2021. The benchmark price of an apartment home is $727,100. This represents a 5.1 per cent increase from October 2021 and a 0.2 per cent decrease compared to September 2022.

Attached home sales in October 2022 totalled 333, a 44.8 per cent decrease compared to the 603 sales in October 2021. The benchmark price of an attached unit is $1,043,600. This represents a 7.1 per cent increase from October 2021 and a 0.5 per cent decrease compared to September 2022.

Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022. 

Last month’s sales were 35.7 per cent below the 10-year September sales average. 

“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.” 

There were 4,229 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2022. This represents an 18.2 per cent decrease compared to the 5,171 homes listed in September 2021 and a 27.1 per cent increase compared to August 2022 when 3,328 homes were listed. 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,971, an eight per cent increase compared to September 2021 (9,236) and a 3.2 per cent increase compared to August 2022 (9,662). 

“With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year,” Lis said. “With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months.” 

For all property types, the sales-to-active listings ratio for September 2022 is 16.9 per cent. By property type, the ratio is 12.4 per cent for detached homes, 18.4 per cent for townhomes, and 20.9 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.

Sales of detached homes in September 2022 reached 525, a 44.7 per cent decrease from the 950 detached sales recorded in September 2021. The benchmark price for a detached home is $1,906,400. This represents a 3.8 per cent increase from September 2021 and a 2.4 per cent decrease compared to August 2022. 

Sales of apartment homes reached 888 in September 2022, a 45.2 per cent decrease compared to the 1,621 sales in September 2021. The benchmark price of an apartment home is $728,500. This represents a 6.2% per cent increase from September 2021 and a 1.6 per cent decrease compared to August 2022. 

Attached home sales in September 2022 totalled 274, a 52.6 per cent decrease compared to the 578 sales in September 2021. The benchmark price of an attached home is $1,048,900. This represents a 9.1 per cent increase from September 2021 and a 1.9 per cent decrease compared to August 2022. 

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,918 in May 2022, a 31.6 per cent decrease from the 4,268 sales recorded in May 2021, and a 9.7 per cent decrease from the 3,232 homes sold in April 2022.

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

“With interest rates rising, home buyers are taking more time to make their decisions in today’s housing market,” said Daniel John, REBGV Chair. “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.”

There were 6,377 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in May 2022. This represents a 10.5 per cent decrease compared to the 7,125 homes listed in May 2021 and a 4.4 per cent increase compared to April 2022 when 6,107 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,010, an 8.8 per cent decrease compared to May 2021 (10,970) and a 13.8 per cent increase compared to April 2022 (8,796).

For all property types, the sales-to-active listings ratio for May 2022 is 29.2 per cent. By property type, the ratio is 18.3 per cent for detached homes, 35.5 per cent for townhomes, and 38.1 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index* composite benchmark price for all residential properties in Metro Vancouver is currently $1,261,1001. This represents a 14.7 per cent increase over May 2021 and a 0.3 per cent decrease compared to April 2022.

“Upward pressure on home prices has begun to ease in the housing market over the last two months,” John said. “Where home prices go next will depend on 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.” 

Sales of detached homes in May 2022 reached 793, a 44.1 per cent decrease from the 1,419 detached sales recorded in May 2021. The benchmark price for a detached home is $2,093,600. This represents a 15 per cent increase from May 2021 and a 0.4 per cent decrease compared to April 2022.

Sales of apartment homes reached 1,605 in May 2022, a 21.7 per cent decrease compared to the 2,049 sales in May 2021. The benchmark price of an apartment home is $779,700. This represents a 15 per cent increase from May 2021 and a 0.4 per cent increase compared to April 2022.

Attached home sales in May 2022 totalled 520, a 35 per cent decrease compared to the 800 sales in May 2021. The benchmark price of an attached home is $1,141,200. This represents a 21.5 per cent increase from May 2021 and a 0.6 per cent decrease compared to April 2022.