Vancouver housing market Photo: H2O Alchemist/Flickr

According to the latest figures from the Real Estate Board of Greater Vancouver (REBGV), home sales in Metro Vancouver were up 30 per cent year-over-year in July and 33.5 per cent above the 10-year average for the month.

“Much of today’s activity can be traced to strong consumer confidence, low interest rates, and a reduced supply of homes for sale.” REBGV president Darcy McLeod said in a release. “We have about 5,000 to 6,000 fewer homes for sale today than we’ve seen at this time of year over the last five to six years.”

House prices continue their seemingly never-ending ascent

The composite benchmark price for all property types in Metro Vancouver ended the month at $700,500, up 11.2 per cent compared to July 2014. With the sales-to-active-listings ratio at 34.6 per cent, REBGV says the region remains a seller’s market.

“Although there aren’t as many homes for sale today compared to recent years, home buyers continue to have a range of housing options, at different price points, to choose from across Metro Vancouver,” McLeod said. “The diversity of housing options is part of what’s driving today’s demand.”

Speaking of diversity: price variations between property types and specific Metro Vancouver communities. For more we turn to…

Regional highlights from the report

  • The benchmark price of a single-family home on the West Side of Vancouver proper hit $2,653,200 in July, up 16.6% from a year earlier
  • The typical price of a detached home on Vancouver’s East Side ended the month at $1,116,100, representing a year-over-year increase of 20%
  • For the condo segment, Squamish posted the largest year-over-year price gain, with the benchmark price rising 27.3% from July 2014 to $272,200
  • The benchmark price of a townhome in Tsawwassen gained 13.1% year-over-year to end the month at $499,600

For more, the complete REBGV statistics package can be downloaded here (PDF).

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