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HOME SALES IN VANCOUVER AREA CALMER IN MAY AS INTEREST RATES COOL HOT MARKET
The Real Estate Board of Greater Vancouver says home sales across the region have returned to “more typical seasonal levels” and there are modest signs continuous price increases might ease.
A statement from the board reports 2,918 sales across the area covered by the REBGV in May, nearly 32 per cent below those recorded in May 2021 and 9.7 per cent below the number of residential properties that changed hands last month.
Board chair Daniel John says May 2022 sales were also 12.9 per cent below the 10-year sales average, while the number of properties listed for sale in May was up just over four per cent compared with the month earlier.
The board says the ratio of sales to active listings for townhomes and apartments topped 35 per cent last month, above the 20 per cent setting that can put upward pressure on prices, while the ratio for detached homes was 18.3 per cent, closer to the 12 per cent mark that can push home prices down.
The composite benchmark price for all residential properties in the area covered by REBGV stats was $1,261,100, a 14.7 per cent increase compared to May 2021 and a 0.3 per cent decrease compared to April 2022.
John says steady price increases have begun to ease over the last two months but the lack of choice for homebuyers remains a key factor as the market cools.
“Where home prices go next will depend on housing supply,” he said in the statement.
“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.”John points to positive signs, including rising interest rates, that have encouraged buyers to take more time with their decisions.
“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,” John said.
A HUGE OUTDOOR SUMMER FEST IS HAPPENING AT NORTH VANCOUVER’S SHIPYARDS THIS MONTH
A huge celebration of everything outdoors is happening in North Vancouver this month and the event is filled with fun and inspiring activities.
Vancouver International Mountain Film Festival (VIMFF) is hosting Summer Fest on Sunday, June 26 at the Shipyards. The free event is happening the day before Canadian Multiculturalism Day and is also celebrating multiculturalism in the mountains.
Outdoor enthusiasts and film lovers will want to check out the packed program of VIMFF Summer Fest activities.
There will be free award-winning film screenings throughout the day that will inspire you to adventure this season.
Highlights include Em by Alexa Fay, The Farmer by Michael James Brown, and The Outlaw Sport by adventure filmmaker Scott Secco. The latter film spotlights North Shore’s mountain bike trails and introduces viewers to the pioneers that kickstarted the sport.
Attendees will also enjoy great live music happening right by the water. You can even hear it while you’re scaling the outdoor climbing wall set-up.
VIMFF Summer Fest will also host a number of food trucks as well as a beer garden to keep you full and refreshed.
Take a moment to unwind with a yoga class on St. Roch Dock presented by Lululemon and Park Royal. Participation is by donation.
And make sure you check out the community tables to discover what local outdoor groups are working on.
To celebrate the upcoming event, VIMFF is giving away a special prize pack to help the winner prepare for summer fun. Enter online for a chance to win items from Arc’teryx, Lululemon, Treeline Collective, and more.
VIMFF Summer Fest
When: June 26, 2022
Time: 3 to 9 pm
Where: The Shipyards – 125 Victory Ship Way, North Vancouver