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Higher Rates Biting In Vancouver Housing Market

CANADA
  • Higher interest rates and supply have seen the Vancouver housing market continue to cool quickly according to the Vancouver Real Estate Board
  • Sales fell -35% Y/Y in June or 23% below the 10-year June average. Lower sales have allowed listings to increase, with the sales-to-listings ratio down to 23.4% from the March peak of 56.9% (historically a sustained <12% leads to downward price pressure, >20% upward).
  • The benchmark home price index dipped 2% M/M although is still up 12.4% Y/Y.

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