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August 2022 Monthly Market Update & July Statistics

How's the Market?

Click the links below Josh Kepkay's video message on the state of the market and the factors at play to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC. This month we also have rental rates across the region to share courtesy of Macdonald Realty's Property Management Division. Finally, this month's report concludes with round up of real estate news from across the province.

B.C. Real Estate News

BRITISH COLUMBIA

Bank of Canada hikes rate to 2.5%. Here's what it means for you (CBC News)

What to know when switching your variable mortgage to a fixed rate (BNN Bloomberg)

Panicking over rising interest rates? Mortgage specialists share advice to help ease stress (CBC News)

B.C. homebuyer protection period announced amid real estate crunch (City News)

Nowhere to live: Rents in Canada surge as home prices fall (Reuters)

RBC downgrades forecast for Canadian housing market (Business in Vancouver)

Summer creates 'perfect storm' for B.C. rental scams, BBB warns (CTV News)

LOWER MAINLAND

Here's how much you'd need to earn per year to buy a home in Vancouver (CTV News)

Vancouver's housing market has entered a 'new cycle.' Here's what that means (CTV News)

$17.8M Vancouver listing includes plans and permits, encourages buyer to tear down existing home (CTV News)

Photos: These are the 10 most expensive homes in Metro Vancouver (Vancouver is Awesome)

Greater Vancouver home prices shoot up 10 percent even as sales fall due to “quieter demand” (The Georgia Straight)

Fraser Valley and Chilliwack housing markets crater as sales drop more than 50 percent (The Georgia Straight)

As real estate sales slow amid higher interest rates, a 'calmer environment for decision-making' (Time Colonist)

SQUAMISH & WHISTLER

B.C. government extends real estate speculation tax to Squamish and Duncan (Global News)

Will the speculation tax create more housing in Squamish? (Squamish Chief)

Whistler's real estate market getting 'back to normal'—but don't expect prices to drop (Pique)

VICTORIA & VANCOUVER ISLAND

Rising interest rates expected to lead to Victoria housing market correction (CTV News)

Here's how much you need to make to buy a house in Victoria (CTV News)

Owners of empty homes in these 6 areas of B.C. are about to pay more (CTV News)

Community 'collapsing' say some Salt Spring Islanders, in appeal for vacancy tax (Global News)

Nanaimo building permits surge to record high for first six months (Times Colonist)

OKANAGAN

New development next to Okanagan Golf Club swinging into action (Castanet)

Kelowna says 'no for now' for three-tower downtown development (Business in Vancouver)

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