July’s sales were still 6.5% above the 10-year sales average for the month, though nowhere near the recent months of record-breaking sales activity. “Home buyer demand returned to more historically normal levels in July,” said Real Estate Board of Greater Vancouver’s president Dan Morrison.
While effects of the Canadian government’s recent introduction of the new BC Foreign Buyer’s Tax are yet to be seen, it’ll be interesting to see if the return of more “normal” market trends will be lasting. It seems that for the time being at least, the record-shattering spring months have given way to a slow summer, seeing registered home sales below 4,000 for the first time since January.
New Listings (detached, attached, and apartment): 5,241
2.5% increase from July 2015
10.8% decrease from June 2016
Total Active listings on MLS®: 8,351
27.4% decline from July 2015
6.9% increase from June 2016
Sales-to-Active-Listings ratio: 38.6%
Benchmark price for all residential properties: $930,400
32.6% increase from July 2015
Benchmark price for a detached property is $1,578,300
38% increase from July 2015
Detached property sales totaled 1,077
30.9% decrease from July 2015
Benchmark price for an apartment property is $510,600
27.4% increase from July 2015
Apartment property sales totaled 1,602
7.3% decrease from July 2015
Benchmark price for an attached unit is $669,000
29.4% increase from July 2015
Attached property sales totaled 547
20.7% decrease from July 2015
*REBGV Editor’s Note: 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, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.