Dip in home sales and new listings in Metro Vancouver in July 2021

Aug 4 2021, 7:43 pm

Metro Vancouver’s housing market saw more moderate activity in July 2021 compared to the months prior, based on the latest report by the Real Estate Board of Greater Vancouver (REBGV).

Home sales in the region totalled 3,326 in July 2021, representing an 11.6% decrease from the 3,762 homes sold in June 2021 and a 6.3% increase from the 3,128 sales in July 2020. The month’s sales were 13.3% above the 10-year July sales average.

“Moderation was the name of the game in July. Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has levelled off in most areas and home types,” said REBGV economist Keith Stewart.

Over the course of July 2021, there were 4,377 homes of all types newly listed for sale in the region, which is a 25.2% decrease from the 5,849 homes listed in June 2021, and a 26.4% decrease from the 5,948 homes listed in the same month in 2020.

Last month’s new listings were 12.3% below the 10-year average for July. Currently, there are 9,850 homes listed for sale — a 9.1% drop from the 10,839 units in June 2021, and an 18.5% decrease from the 12,083 units in July 2020.

ā€œLow housing supply remains a fundamental factor in Metro Vancouverā€™s housing market,ā€ continued Stewart.

“Home sales remain above average and weā€™re starting to see price increases relent as well. Going forward, the supply of homes for sale will be among the most critical factors to watch. This will determine the next direction for house price trends.”

The sales-to-active listings ratio for July 2021 was 33.8%, with 25.5% for detached homes, 47.8% for townhomes, and 37.3% for apartments.

Economists say a downward pressure on home prices generally occurs when the ratio dips below 12%, while home prices often trend upward when the ratio exceeds 20% over several months.

The composite benchmark price for all residential properties within REBGV’s jurisdiction is currently $1.175 million — a 13.8% increase from July 2020, but unchanged from June 2021. REBGVā€™s jurisdiction covers Vancouver, Burnaby, New Westminster, Richmond, Pitt Meadows, Sunshine Coast, and all of the Tri-Cities and North Shore. Other areas such as Surrey, Langley, and White Rock are part of the Fraser Valley Real Estate Board.

July 2021 home sales statistics: REBGV

  • Detached homes
    • Number of units sold: 1,050 (+6.3% over July 2020)
    • Active listings: 4,113
    • Benchmark price: $1,801 (+21% over July 2020; 0.0% over June 2021)
    • Average days on market: 30 (up from 23 days in June 2021)
  • Apartment homes
    • Number of units sold: 1,666 (+19.0% over July 2020)
    • Active listings: 4,461
    • Benchmark price: $736,900 (+8.4% over July 2020; +0.1% over June 2021)
    • Average days on market: 24 (up from 21 days in June 2021)
  • Townhouse sales
    • Number of units sold: 610 (+53.8% over July 2020)
    • Active listings: 1,276
    • Benchmark price: $946,900 (+16.7% over July 2020; +0.3% over Jun 2021)
    • Average days on market: 20 (up from 16 days in June 2021)

Kenneth ChanKenneth Chan

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