The benchmark price of a Vancouver home slipped further into sub-$1 million territory this July.
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According to the Real Estate Board of Greater Vancouver (REBGV), the benchmark price of a Metro Vancouver home, including houses and condo apartments, slipped 0.3 percent on a month-over-month basis in July to $995,200.
That puts the benchmark price 9.4 percent lower than it was a year ago.
Benchmark price calculations take into account what types of dwellings are changing hands so the values aren’t inflated by upscale properties and better reflect what a typical property is selling for at a given time.
It was the second straight month home prices remained below the $1-million mark, a far fall from the market’s peak in May 2018, when the benchmark price was $1,104,600.
Canada Mortgage and Housing Corporation has taken note of falling prices and recently downgraded its risk assessment for the Vancouver market, which has been showing signs of stability as sales activity picks up again.
In fact, a total of 2,557 homes were sold across the region last month, up 23.5 percent compared to July 2018. Sales were up 23.1 percent from June as well.
“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,” says REBGV President Ashley Smith in a statement.
REBGV says home sales in July were still 7.8 percent shy of the 10-year average for the month, typically one of the quieter periods for Metro Vancouver.
Nonetheless the market appears to be tightening somewhat. Some 4,613 homes were put on the resale market in July, down 3.3 percent from what was observed over the same month last year. New listings also declined 2.9 percent from June.
“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,” Smith says.