Vancouver home prices drag down national average

“Average sale prices in July were up from levels one year ago in about seven of every 10 local markets,” says the Canadian Real Estate Association, in its monthly report. “But declining sales activity in Greater Vancouver continues to impact the national average price.”

The actual (not seasonally adjusted) national average price for homes sold in July was $353,147. That’s down 2% from the same month last year.

If you exclude Greater Vancouver, the national average price actually increased 1.1%.

The overall market performance has actually surpassed the expectations of many analysts who predicted an immediate slowing of both sales and prices across the country as borrowers grappled with tighter qualifying standards for mortgages.

Those changes introduced in July have actually strengthened the interest of property investors, hoping competition from homebuyers would slacken.

Outside of Vancouver, that doesn’t appear to have happened, with national home sales in July only 0.01% down from June to July.

Actual (not seasonally adjusted) sales were up 3.3% over levels in July 2011. The number of newly listed homes, however, fell 3.3% from June to July.

That phenomenon – stable sales combined with fewer new listings – has helped to protect prices even as the market slows in some of Canada’s largest centres.

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