Home sales in the Lower Mainland fell to their lowest level since the year 2000, the Real Estate Board of Greater Vancouver (REBGV) reported August 2nd, with all housing types registering declines. However, prices remained steady since last month.

Even the REBGV had a tough time glossing over the 18-year low, noting “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 2,070 residential property sales in the REBGV last month, down 30.1% from the same month in 2017. Sales last month were off 14.6% from June. The number of condos, townhomes, and detached houses listed for sale were up 32% year-over-year, and 1.6% since June.

The REBGV says the benchmark price for all residential properties was just under $1.1 million, a 6.7% hike over July 2017 but a slip of 0.6% since June.

With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.
__________________________________________________________________
Real Estate Board of Greater Vancouver, “Housing supply up, demand down across Metro Vancouver”, accessed August 6, 2018, https://www.rebgv.org/news-statistics/housing-supply-demand-down-across-metro-vancouver