Last month, Metro Vancouver’s housing market began to moderate in comparison to the elevated levels of buying and selling activity seen throughout the course of the pandemic.
According to new data released by the Real Estate Board of Greater Vancouver (REBGV) today, the region recorded 3,326 residential home sales during July. This marks an 11 percent decrease from the previous month, when 3,762 homes were sold, but a 6.3 percent boost over July 2020, when 3,128 sales took place.
“Moderation was the name of the game in July,” said REBGV’s economist, Keith Stewart, in a news release accompanying the data.
Housing Market News Alerts
Sign up now for news alerts on the Vancouver housing market
“Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has leveled off in most areas and home types,” he added.
Combining all three property types — detached, attached and apartments — 4,377 homes were newly listed on MLS across Metro Vancouver in July. Inventory worsened as the number of new listings hitting the market dropped by 26.4 percent from July 2020 and 25.2 percent from the previous month. Currently, there are 9,850 homes listed for sale on Metro Vancouver’s MLS, which represents a decrease of 18.5 percent year-to-year and 9.1 percent month-to-month.
While July’s sales total was 13.3 percent above the 10-year average, new listings hit 12.3 percent below the average for that month. Across all property types, Metro Vancouver’s sales-to-active listings ratio for July was 33.8 percent.
“Home sales remain above average and we’re starting to see price increases relent as well,” said Stewart in the release. “Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”
Across Metro Vancouver, the MLS® Home Price Index composite benchmark price for all properties was $1,175,500 in July, unchanged from June, but up 13.8 percent compared to the same month last year.
Of the three property types that REBGV analyzes, apartment properties showed the sharpest increase in annual sales growth last month. During July, 1,666 apartment sales were transacted, a 19 percent year-to-year increase. The benchmark price of an apartment reported a moderate uptick, now $736,900, which is up 8.4 percent from a year ago and down 0.1 percent from June.
In July, 1,050 detached homes were sold, a 6.3 percent drop from July 2020. Although the benchmark price of a detached property remained at $1,801,100, unchanged from June, this represents a 21 percent price increase compared to the same month last year.
Similar to July 2020, 610 attached homes were sold last month, a 0.5 percent year-over-year improvement. The benchmark price of an attached home crept up 0.3 percent from June to $949,400, but posted a 16.7 percent jump over July 2020.