Metro Vancouver home sales experience unusually large jump in July: report

Aug 2 2019, 10:48 pm

Month-over-month and year-over-year home sales for July 2019 both increased by nearly a quarter, based on the latest statistics from the Real Estate Board of Greater Vancouver (REBGV).

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Home sales last month across Metro Vancouver totalled 2,557 units, representing a 24% increase from the 2,070 unit sales in July 2018 and a 23% increase from the 2,077 unit sales in June 2019.

According to the REBGV, the uptick is unusual, as July is traditionally a quieter month for real estate in the region. However, amidst the depressed housing market conditions, the month’s tally was still about 8% below the 10-year July sales average.

“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,” said Ashley Smith, president of REBGV, in a statement.

“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.”

Across the region, there were 4,613 residential properties newly listed for sale during the month — a 3.3% decrease compared to 4,770 homes listed in July 2018, and a 2.9% decrease compared to June 2019 when 4,751 homes were listed.

At the moment, there are 14,240 homes listed for sale, which is a 17% increase compared to July 2018’s tally of 12,137 units and a 4.9% decrease compared to June 2019’s total of 14,968 units.

The sales-to-active listings ratio for the month was 18%, with 13.% for detached homes, 20% for townhomes, and 22% for condominiums. Analysts with REBGV maintain that a downward pressure on home prices occurs when the ratio dips below 12% over a sustained period, while home prices see upward increases when the ratio goes over 20% over several months.

The benchmark price for all residential properties in Metro Vancouver last month was $995,200, representing a 9.4% decrease over July 2018 and a 0.3% drop compared to June 2019.

July 2019 home sales statistics

Detached homes

  • Number of units sold: 841 (-32% year-over-year)
  • Benchmark price: $1,417,000 (-10.5% year-over-year)

Apartment homes

  • Number of units sold: 1,243 (-15.2% year-over-year)
  • Benchmark price:  $653,200 (-8.8% year-over-year)

Townhouse sales

  • Number of units sold: 473 (+33.6% year-over-year)
  • Benchmark price: $770,000 (-9% year-over-year)