Vancouver sales remain high despite low supply

Sales of homes in the Vancouver metro were running at about a third more than the 10-year average in July despite inventory remaining tight.

There were 3,978 sales through the MLS during the month, a 30 per cent increase compared to the same time in 2014 but 9.1 per cent lower than June 2015.

The Real Estate Board of Greater Vancouver figures show that new listings were higher than a year ago; there were 5,112, up 3.8 per cent year over year; but the total number of listings was 26.3 per cent lower than a year ago and 5.5 per cent lower than June 2015.

"Much of today’s activity can be traced to strong consumer confidence, low interest rates and a reduced supply of homes for sale,” said REBGV president Darcy McLeod. “We have about 5,000 to 6,000 fewer homes for sale today than we've seen at this time of year over the last five to six years."

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $700,500. This represents an 11.2 per cent increase compared to July 2014.

With the sales-to-active-listings ratio at 34.6 per cent, the region remains in seller’s market territory.

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