Vancouver Housing Update July 2019

While July has traditionally been a slower month for home sales, last month saw an increase in sales in Metro Vancouver. Compared to the quieter spring months, decreased home prices across Vancouver resulted in more purchases, making July the second-highest selling month so far this year.

 

According to the Real Estate Board of Greater Vancouver (REBGV), last month’s sales were 23.1% higher than June 2019, and only 7.8% below the 10-year July sales average.

 

Demand Beginning to Rise

There are 14,240 homes currently listed on the Multiple Listing Service® (MLS®) system in Metro Vancouver, a 4.9% decrease compared to June 2019, and a 17.3% increase compared to July 2018. 

 

The sales-to-active listings ratio for July 2019 for all property types is 18%. By property type, that’s 13.5% for detached homes, 20% for townhomes, and 22% for apartments. 

 

According to most analysts, home prices decrease when the sales-to-active listings ratio dips below 12% for a sustained period. Home prices often increase when the ratio surpasses 20% over several months. 

 

“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,” says Ashley Smith, REBGV president. “To better understand the conditions in your property type or neighbourhood of choice, it’s important to work with your local REALTOR®. They can help you develop a strategy to reach your long-term real estate goals.”

 

Composite Benchmark Price Drops Again

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver continues to drop and is currently $995,200. This represents a 9.4% decrease from July 2018 but only a 0.3% decrease compared to June 2019. 

 

Sales of detached homes in July 2019 reached 841, a 32% increase compared to July 2018. The benchmark price for a detached home is now $1,417,000. This represents a 10.5% decrease from July 2018, and a 0.5% decrease compared to June 2019.

 

There were 1,243 sales of apartment homes in July 2019, a 15.2% increase compared to July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8% decrease from July 2018, and a 0.2% decrease compared to June 2019.

 

Attached home sales in July 2019 saw a 33.6% increase with 473 homes sold compared to 354 sales in July 2018. The benchmark price of an attached home is $770,000. This represents a 9% decrease from July 2018, and a 0.6% decrease compared to June 2019.

 

Stay Tuned For Market Updates

With the ever-changing market trends in Metro Vancouver, you’ll want to stay up-to-date with the most current information. Stilhavn’s team of top REALTORS® is here to lead you in the right direction and help make your buying or selling experience a breeze. 

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