“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer”, REBGV’s Director of Economics and Data Analytics, Andrew Lis, said.
In terms of prices, defined by the MLS benchmark price, the four areas that had the lowest benchmark price in July remained the same in August. New Westminster still had the lowest benchmark price, at $816,700. New West was followed by the Sunshine Coast , Pitt Meadows , and Port Coquitlam . For townhouses, Vancouver West saw the smallest dip, at 0.3%, followed by Port Coquitlam at 1.1%, and Burnaby North at 1.3%. Thedecrease occurred in Maple Ridge, which saw a 5.3% decrease. Whistler — a resort town — still had the highest benchmark price for townhouses, at $1,487,800, followed by Vancouver West’s $1,459,300, with the Sunshine Coast again having the lowest benchmark, at $749,400.
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