Metro Vancouver’s housing market is feeling the impact of a quieter summer with home sales falling to an 18-year low for the month of July.
Last month, 2,070 homes changed hands in the region — a 30 per cent drop from the 2,960 sales recorded in July 2017, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV), published Thursday.
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July’s home sales were 29 per cent below the 10-year sales average for the month.
In a statement, REBGV President Phil Moore says with slower demand in the market, there’s less upward pressure on home prices across the region.
“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,” says Moore.
In July, 4,770 detached, attached and apartment properties were newly listed for sale in Metro Vancouver, down nine per cent compared to the 5,256 homes listed a year ago and a roughly 10 per cent decline from June 2018.
Here are 8 more facts that show Metro Vancouver’s quiet housing market this summer.
1. There were a total of 12,137 homes listed for sale in Metro Vancouver, up 32 per cent compared to 9,194 homes listed in July 2017.
2. REBGV’s Moore says summer is traditionally a quieter time of year for real estate and this is evident in Metro Vancouver’s market this year. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being,” says Moore.
3. For all property types, the sales-to-active listings ratio for July was 17 per cent. REBGV says typically downward pressure on home prices occurs when the ratio falls below the 12 per cent mark for a prolonged period of time, while home prices experience upward pressure when it surpasses 20 per cent over several months.
4. By property type, the sales-to-active listings ratio was nearly 10 per cent for detached homes, 20 per cent for townhomes and 27 per cent for condos.
5. In July, the benchmark price for all residential properties in Metro Vancouver hit $1,087,500, up nearly seven per cent from July 2017.
6. A total of 637 detached homes sold in July, down nearly 40 per cent from the 949 units sold a year ago. In July, the benchmark price of a detached home reached $1,588,400 — a 1.5 per cent drop from the same period last year.
7. In the condo segment, a total of 1,079 homes sold in July, down 26 per cent compared to the 1,468 sales in July 2017. The benchmark price for condos was $700,500, up nearly 14 per cent from a year ago.
8. Attached property sales totalled 354 in July, down roughly 35 per cent compared to the 543 sales in July 2017. Attached home prices hit $856,000 last month, up 12 per cent from a year ago.