The expectedly sluggish summer resale market continued into and through August, with sales counts flat and inventory further constrained compared to July, yielding a second straight month of balanced conditions.SalesThe 2,850 MLS sales in the Vancouver Region in August were up–barely— by 0.1% compared to July, which was the first month-over-month increase in 4 months. Notably, this increase occurred against the backdrop of a typical July-to-August decline in sales counts of 11%. That said, August’s sales were 45% lower than in the same month one year ago, and were 31% below the past-decade August average. Overall, sales activity was fairly tepid for the month.

On a month-over-month basis, sales of townhomes and detached homes increased by 19% (to 573) and 2% (to 890), respectively. In contrast, condo sales declined by 7% (to 1,314— the lowest of any August since 2015).

On a year-over-year basis, sales were lower across all home types, with detached home sales down the most (by 50%), followed closely by townhomes (down 44%) and condos (down 41%).Total ListingsFor the second consecutive month, inventory declined— this time by 7% versus July— to 14,917 listings by August month-end. This is larger than the typical seasonal decline of 3% and is 20% lower than the August-decade average inventory level.

On a month-over-month basis, inventory declined across all home types, with townhomes falling the most at 10%, followed by detached homes and condos, which each fell by 6%. Compared to last year, On a year-over-year basis, inventory was up across all home types, led by townhomes, at 56%, and followed by detached homes (up 25%) and condos (2%).

August’s MOI (months of inventory), at 5.9, was consistent with balanced market conditions. The detached home MOI, at 7.9, reflected buyers’ market conditions, while conditions favourable to sellers characterized the townhome and condo segments of the market (at an MOI of 3.9 and 4.0, respectively).Median PricesOn average, median prices for the Fraser Valley and Greater Vancouver board areas declined by 5% and 3%, respectively, compared to July.

All home types across both board areas experienced month-over-month decreases in price. Median detached home and townhome prices in the Fraser Valley area declined by 6%, while in Greater Vancouver, they fell by 2% and 5%, respectively. Condo prices fell the least in each respective board area: by 4% in the Fraser Valley and by 0.4% in Greater Vancouver.

In Greater Vancouver, August 2022’s townhome, condo, and detached home median prices were 5%, 7%, and 3% above last year’s levels, respectively. In the Fraser Valley, townhome and condo prices remained 7% and 11% higher, while detached median home prices were 0.8% below last year’s level.Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.