Metro Vancouver’s housing market is showing steady sales, comparatively reduced listings and virtually unchanged home prices in July. There has been relative ease from the record-shattering rates of March and April this year.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 3,326 in July 2021, a 6.3% increase from the 3,128 sales recorded last year, and an 11.6% decrease from the 3,762 homes sold last month.
Last month’s sales were 13.3% above the 10-year June sales average. Areas covered by the REBGV include Burnaby, Coquitlam, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, South Delta, Squamish, Sunshine Coast, Vancouver, West Vancouver, and Whistler.
“Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July,” noted Keith Stewart, REBGV economist. “On top of moderating market activity, price growth has leveled off in most areas and home types.”
July’s Housing Market At A Glance
There were 4,377 detached, attached, and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2021. This shows only about 26.4% decrease compared to the 5,948 homes listed last year. Compared to last month, there is a 25.2% decrease as well.
“Low housing supply remains a fundamental factor in Metro Vancouver’s housing market,” Stewart said. “Home sales remain above average and we’re starting to see price increases relent as well. 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.”
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,850, an 18.5% decrease compared to last year’s numbers, and further still, a 9.1% decrease compared to last month.
June’s Sales-to-Active-Listings Ratio and Composite Benchmark Price
For all property types, the sales-to-active listings ratio for July 2021 is 33.8%. The breakdown is as follows:
Detached homes – 25.5%
Townhomes – 47.8%
Apartments – 37.3%
Analysts expect home prices to dip when the ratio falls below 12% for a sustained period. Home prices often rise when the sales-to-active-listings ratio goes above 20% over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,175,500. This represents a 13.8% increase over July 2020 and remains virtually unchanged compared to last month.
Metro Vancouver Home Sales by Property Type
Detached homes sales in July 2021 reached 1,050, a 6.3% decrease from last year’s 1,121 home sales. The benchmark price for a detached home is $1,801,100. This represents a 21% increase from last year and is virtually unchanged compared to last month.
Attached home sales in June 2021 totaled 610, a 0.5% increase compared to the sales in July 2020. The benchmark price of an attached home is $949,400. This represents a 16.7% increase from July 2020 and a 0.3% increase compared to June 2021.
Apartment home sales reached 1,666 in June 2021, a 19.5% increase compared to last year. The benchmark price of an apartment home is $736,900. This represents an 8.4% increase from last year and a 0.1% increase compared to June 2021.
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