Homebuyer demand picked up across Metro Vancouver last month, making July, a traditionally quieter month in real estate, the second-highest selling month so far this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,557 in July 2019, a 23.5% increase from the 2,070 sales recorded in July 2018, and a 23.1% increase from the 2,077 homes sold in June 2019.
Last month’s sales were 7.8% below the 10-year July sales average.
“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced. Those looking to buy today continue to benefit from low-interest rates, increased selection, and reduced prices compared to the heated market a few years ago.” – Ashley Smith, REBGV president
There were 4,613 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2019. This represents a 3.3% decrease compared to the 4,770 homes listed in July 2018 and a 2.9% decrease compared to June 2019 when 4,751 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,240, a 17.3% increase compared to July 2018 (12,137) and a 4.9% decrease compared to June 2019 (14,968).
For all property types, the sales-to-active listings ratio for July 2019 is 18%. By property type, the ratio is 13.5% for detached homes, 20% for townhomes, and 22% for apartments.
Sales-to-active listings ratio
Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12% for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.
“To better understand conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals,” Smith said.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $995,200. This represents a 9.4% decrease over July 2018 and a 0.3% decrease compared to June 2019.
Sales of detached homes in July 2019 reached 841, a 32% increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5% decrease from July 2018, and a 0.5% decrease compared to June 2019.
Sales of apartment homes reached 1,243 in July 2019, a 15.2% increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8% decrease from July 2018, and a 0.2% decrease compared to June 2019.
Attached home sales in July 2019 totalled 473, a 33.6% increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a 9% decrease from July 2018, and a 0.6% decrease compared to June 2019.
