Greater Vancouver home sales down 24%

There were 2,960 home sales in the Greater Vancouver area in July, a drop of 24% from June and 8.2% below July 2016, led by an 11.9% decline in detached home sales.

However, sales were 0.7% above the month’s 10-year average, the Greater Vancouver Real Estate Board said.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

Inventory in Metro Vancouver was 9,194, up 10.1% from a year earlier and 8% above the level of June.

Benchmark prices were $1,612,400 (up 1.9% year-over-year) for detached homes; $616,600 (up 18.5%) for apartments; and $763,700 (up 11.9%).

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