Residential property sales totalled 2,489 in Metro Vancouver last month; a 26% decline compared to August 2015 and a 22.8% decline from July 2016, while only 1% less than August 2013 sales. Indicative of the effects taking hold from the new Foreign Buyers tax, the downward trend in home sales this past summer isn’t actually causing a dip in the market, only a return to historically normal levels for the Lower Mainland. Long term effects on the Vancouver real estate market of the new tax will certainly continue to emerge, but for now, uncertainty among home buyers and sellers is palpable as foreign buyer activity declines.
The Real Estate Board of Greater Vancouver’s president Dan Morrison stated that while it’s important to note the continuing imbalance between supply and demand when reviewing the numbers, “We’re [also] seeing fewer detached sales in the highest price points and fewer detached home sales relative to all residential sales. This is causing average sale prices to show a decline in recent months, while benchmark home prices remain virtually unchanged from July.” In other words, keep in mind the mix of properties when thinking about putting your home up for sale at the right price.
New Listings (detached, attached, and apartment): 4,293
0.3% increase from August 2015
18.1% decrease from July 2016
Total Active listings on MLS®: 8,506
21.9% decline from August 2015
1.9% increase from July 2016
Sales-to-Active-Listings ratio: 29.3%
Benchmark price for all residential properties: $933,100
31.4% increase from August 2015
Benchmark price for a detached property is $1,577,300
35.8% increase from August 2015
Detached property sales totaled 715
44.6% decrease from August 2015
Benchmark price for an apartment property is $514,300
26.9% increase from August 2015
Apartment property sales totaled 1,343
10.1% decrease from August 2015
Benchmark price for an attached unit is $677,600
31.1% increase from August 2015
Attached property sales totaled 431
25.4% decrease from August 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.