Real Estate Daily Report

High Rise Homes Drive Metro Vancouver’s Sales Activity in Q1 2022

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Metro Vancouver’s housing market is keeping up its momentum, despite a slowdown from last year’s unprecedented pace. FifthAvenueREM VanRE

Metro Vancouver’s housing market is keeping up its momentum, despite a slight slowdown from last year’s unprecedented pace., sales activity in Q1 2022 was down from the same quarter last year, but still relatively high compared to historical trends, with a total of 6,323 homes sold in Q1 2022.

Q1 sales were largely driven by high rise units, which saw a 35% increase in sales activity compared to the same quarter last year. In fact, high rise units accounted for 65% of overall sales in Q1 2022. “High rise supply that would have been there in late 2020 didn’t come to market until 2021, which gave the market more supply of high rise units.”

She explained, despite an overall slowdown in sales activity, home prices remained high because of rising inflation, coupled with increasing construction costs.

 

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