The Metro Vancouver housing market appears to be entering a new phase, at least according to recentThe numbers from July 2022 indicate that home prices across the Metro Vancouver region are dropping, a reflection of the fact thatHome prices for all residential property types across Metro Vancouver fell a total of 2.3% from June to July, with a benchmark price of $1,207,400. Zooming out, home prices in the greater Lower Mainland dropped 2.6%, with a slightly lower $1,201,400 benchmark price.
On a six-month timeframe, almost all areas of Metro Vancouver still saw a net increase in prices, save for five: Burnaby South , Ladner , Maple Ridge , Pitt Meadows , and Vancouver West . The benchmark price for single-family detached homes in Metro Vancouver was $2,000,600, with the highest region being West Vancouver at $3,381,800 and the lowest being the Sunshine Coast at $997,000.
Prices for apartments also declined in all regions from June to July. The only exception was in Vancouver East, which saw a small increase of 0.5%. In the last three months, only Squamish , the Sunshine Coast , and Whistler held the increases gained in the past year.
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