Metro Vancouver home sales bucked the usual July trend

Home sales in Metro Vancouver saw an increase in July, a month that is usually quieter.

The Real Estate Board of Greater Vancouver reported 2,557 residential sales, up 23.5% from a year earlier, and a 23.1% increase from the previous month.

It meant that July posted the second highest sales total so far in 2019, although sales were still 7.8% below the 10-year average for the month.

“While home sale activity remains below long-term averages, we saw an increase in sales in July compared to the less active spring we experienced,” Ashley Smith, REBGV president said. “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.”

New listings were down 3.3% year over year and down 4.9% month-over-month to 4,613, while total inventory was up 17.3% from a year earlier to 14,240 (down 4.9% from June 2019).

The sales-to-active listings ratio for July 2019 was 18%; 13.5% for detached homes, 20% for townhomes, and 22% for apartments.

Prices ease

Benchmark prices continue to decrease across property types in Metro Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver in July was $995,200, down 9.4% year-over-year and down 0.3% from June 2019.

For detached properties, the benchmark of $1,417,000 is 10.5% below July 2018 and down 0.5% from June 2019.

The benchmark price of an apartment property was $653,200, down 8.8% year-over-year and down 0.2% month-over-month.

The benchmark price of an attached unit was down 9% year-over-year and down 0.6% month-over-month to $770,000.

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