RSS



 

The stats from the Real Estate Board of Greater Vancouver have just been released for July. Please take a read below and let me know if you have any questions. I hope you are enjoying your summer!


Housing Supply Up, Demand Down Across Metro Vancouver

VANCOUVER, BC – August 2, 2018 – July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.

Last month’s sales were 29.3 per cent below the 10-year July sales average.

“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”

There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2018. This represents a 9.2 per cent decrease compared to the 5,256 homes listed in July 2017 and a 9.6 per cent decrease compared to June 2018 when 5,279 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,137, a 32 per cent increase compared to July 2017 (9,194) and a 1.6 per cent increase compared to June 2018 (11,947).

“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”

For all property types, the sales-to-active listings ratio for July 2018 is 17.1 per cent. By property type, the ratio is 9.9 per cent for detached homes, 20.2 per cent for townhomes, and 27.3 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of detached properties in July 2018 reached 637, a decrease of 32.9 per cent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is $1,588,400. This represents a 1.5 per cent decrease from July 2017 and a 0.6 per cent decrease compared to June 2018.

Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5 per cent compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6 per cent increase from July 2017 and a 0.5 per cent decrease compared to June 2018.

Attached property sales in July 2018 totalled 354, a decrease of 34.8 per cent compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1 per cent increase from July 2017 and a 0.4 per cent decrease compared to June 2018.

Read
Categories:   Boyd Park, Richmond Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | Broadmoor, Richmond Real Estate | Cambie, Vancouver West Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Coal Harbour, Vancouver West Real Estate | Delta Manor, Ladner Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | East Cambie, Richmond Real Estate | East Delta, Ladner Real Estate | Fleetwood Tynehead, Surrey Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Grandview Woodland, Vancouver East Real Estate | Granville, Richmond Real Estate | Hamilton RI, Richmond Real Estate | Hawthorne, Ladner Real Estate | Highgate, Burnaby South Real Estate | Ironwood, Richmond Real Estate | Kitsilano, Vancouver West Real Estate | Lackner, Richmond Real Estate | Ladner Elementary, Ladner Real Estate | Lynn Valley, North Vancouver Real Estate | McLennan North, Richmond Real Estate | McNair, Richmond Real Estate | Metrotown, Burnaby South Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Neilsen Grove, Ladner Real Estate | Quilchena RI, Richmond Real Estate | Riverdale RI, Richmond Real Estate | Riverwood, Port Coquitlam Real Estate | Roche Point, North Vancouver Real Estate | Saunders, Richmond Real Estate | South Arm, Richmond Real Estate | South Marine, Vancouver East Real Estate | Southwest Maple Ridge, Maple Ridge Real Estate | Steveston North, Richmond Real Estate | Steveston South, Richmond Real Estate | Steveston Village, Richmond Real Estate | Terra Nova, Richmond Real Estate | University VW, Vancouver West Real Estate | West Cambie, Richmond Real Estate | West End VW, Vancouver West Real Estate | Westwind, Richmond Real Estate | Woodwards, Richmond Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.