August 3, 2016 – Metro Vancouver* homes sales resembled more typical levels in July.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 percent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 percent compared to June 2016 when 4,400 homes sold.
This is the first time since January that home sales in the region have registered below 4,000 in a month.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.
Last month’s sales were 6.5 percent above the 10-year sales average for the month.
“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 percent increase compared to the 5,112 units listed in July 2015 and a 10.8 percent decrease compared to June 2016 when 5,875 properties were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 percent decline compared to July 2015 (11,505) and a 6.9 percent increase compared to June 2016 (7,812).
The sales-to-active listings ratio for July 2016 is 38.6 percent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 percent mark, while home prices experience upward pressure when it reaches the 20 to 22 percent range in a particular community for a sustained period of time.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 percent increase compared to July 2015.
Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 percent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 percent from July 2015 to $1,578,300.
Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 percent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 percent from July 2015 to $510,600.
Attached property sales in July 2016 totalled 547, a decrease of 20.7 percent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 percent from July 2015 to $669,000.