Greater Vancouver Housing Market Monthly Update
Metro Vancouver Sees Fewer Home Sales And More Listings In July
July 02, 2017 - Home buyer activity returned to more typical levels in metro Vancouver last month.
Residential home sales in the region totalled 2,960 in July, 2017 an 8.2 per cent decrease from the 3,226 homes sold in July 2016 and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.
Last month's sales were 0.7 per cent above the 10-year July sales average.
"Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price property type and location", Jill Oduil, Real Estate Board of Greater Vancouver (REBGV) president said. "For example, it's taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums."
There were 5,256 detached, attached and apartment properties newly listedfor sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes lited in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.
The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an 8 per cent increase compared to June 2017 (8,515).
"Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year " Oudil, said.
For all property types, the sales-to-active listings ration for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents a 8.7 per cent increase over July 2016 and a 2.21per cent increase compared to June 2017.
Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.
Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.
Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to July 2017.
* Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
The real estate industry is a key economic driver in British Columbia. In 2014, 33,116 homes changed ownership in the Board’s area, generating $2.136 billion in economic spin-off activity and an estimated 16,227 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $27.3 billion in 2014. The Real Estate Board of Greater Vancouver is an association representing nearly 12,000 REALTORS® and their companies.