Preliminary statistics show a deep slide in home sales in Greater Vancouver.
Numbers compiled by real-estate site Zealty.ca show that a total of 1,901 properties sold in July 2022.
The figure represents a 43 percent plunge compared to the same month in 2021.
Compared to sales in June 2022, transactions in July decreased 22.7 percent.
Of the 1,901 properties sold in July 2022, less than a third or 29.1 percent were purchased either at full price or over the listed price.
This percentage translates to 555 properties that were sold in the advantage of sellers.
On an annual basis or compared to July 2021, this level marks a 59.4 percent drop.
Zealty.ca is a real-estate online platform operated by Holywell Properties, a company based in the Sunshine Coast.
The Greater Vancouver real-estate board is expected to release official market figures for July 2022 in the coming days.
The real-estate board covers Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
The Bank of Canada has raised interest rates four times since March 2022, which has translated to more expensive mortgages.
This, in turn, rapidly cooled the Canadian housing market that has sizzled during the height of the COVId-19 pandemic due to low interest rates.
More rate increases are anticipated within the year.
The central bank’s interest-setting rate currently sits at 2.5 percent.
Zealty.ca numbers also show that there are more houses available for sale in the market.
In July 2022, the months of inventory stood at 5.3 months, a 76.7 percent increase on an annual basis.
Zealty uses median sold price as a measure, with the metric representing the middle figure in a list of prices.
In July 2022, the median sold price of a home in Greater Vancouver was $900,000.
This price represents a zero percent change from June 2022, and a 4.7 percent increase compared to July 2021.
Vancouver Eastside saw 198 sales in July 2022, marking a 44.8 percent decline.
Meanwhile, Vancouver Westside recorded 371 sales last month, representing a 35 percent decrease compared to July 2021.