Vancouver home sales over asking prices drop to lowest level in 2 years
Fewer home sellers in Vancouver are laughing their way to the bank.
The number of homes in the city that sold over listed prices has fallen to its lowest level in two years.
Tracking by real-estate platform Zealty.ca shows that 122 sales in July 2022 went above asking prices.
The number represents only 21.4 percent of all deals in Vancouver during the month.
Zealty.ca tracking also indicates that sellers had the best time in March 2022 over the last two years that started in July 2020.
In March this year, 669 Vancouver real estate sales went above asking prices.
This represents 51.6 percent of all sales during the said month.
The ratio has since steadily declined, with 44.9 percent in April 2022, 34.9 percent, May; and 30.5 percent, June.
The Bank of Canada started raising its interest-setting rate in March 2022, resulting in a rapid cooling of the housing market.
With mortgages becoming more expensive, buyers are taking to the sidelines, waiting for prices for fall.
The B.C. Real Estate Association has reported that sales in July 2022 declined 42.4 percent compared to the same month last year.
Realtors across the province sold 5,572 homes last month compared to 9,668 in July 2021.
The BCREA indicated in a report on August 11 that this number is “well below normal for this time of year”.
On an annual basis, Zealty.ca tracking shows that the 122 real estate sales that went over asking prices in Vancouver in July 2022 mark a 50.8 percent drop from the 248 sales in the same month last year.
In July 2021, the 248 sales that were above listed prices represented 26.7 percent of all deals.
Moreover, in July 2020, a total of 209 Vancouver homes sold over asking prices, or 25.6 percent of all sales.
Zealty.ca tracking also shows that January 2021 had the second lowest number of homes that went above listed prices.
In that month, there were 136 sales of this nature, representing 21.1 percent of all deals.