RSS

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,226 in July 2016, a decrease of 18.9 per cent from the 3,978 sales recorded in July 2015 and a decrease of 26.7 per cent compared to June 2016 when 4,400 homes sold.

This is the first time since January that home sales in the region have registered below 4,000 in a month.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

Last month’s sales were 6.5 per cent above the 10-year sales average for the month.

“Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends,”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812).

The sales-to-active listings ratio for July 2016 is 38.6 per cent. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $930,400. This represents a 32.6 per cent increase compared to July 2015.

Sales of detached properties in July 2016 reached 1,077, a decrease of 30.9 per cent from the 1,559 detached sales recorded in July 2015. The benchmark price for detached properties increased 38 per cent from July 2015 to $1,578,300.

Sales of apartment properties reached 1,602 in July 2016, a decrease of 7.3 per cent compared to the 1,729 sales in July 2015.The benchmark price of an apartment property increased 27.4 per cent from July 2015 to $510,600.

Attached property sales in July 2016 totalled 547, a decrease of 20.7 per cent compared to the 690 sales in July 2015. The benchmark price of an attached unit increased 29.4 per cent from July 2015 to $669,000.

Read
Categories:   Brighouse, Richmond Real Estate | Cedar Hills, North Surrey Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Citadel PQ, Port Coquitlam Real Estate | Cliff Drive, Tsawwassen Real Estate | Cloverdale BC, Cloverdale Real Estate | Coal Harbour, Vancouver West Real Estate | Crescent Bch Ocean Pk., South Surrey White Rock Real Estate | Downtown NW, New Westminster Real Estate | Downtown VE, Vancouver East Real Estate | Downtown VW, Vancouver West Real Estate | East Newton, Surrey Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | GlenBrooke North, New Westminster Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Grandview VE, Vancouver East Real Estate | Hamilton RI, Richmond Real Estate | HOME STAGING VANCOUVER | Kerrisdale, Vancouver West Real Estate | Kitsilano, Vancouver West Real Estate | Maillardville, Coquitlam Real Estate | Mission BC, Mission Real Estate | Queensborough, New Westminster Real Estate | Ranch Park, Coquitlam Real Estate | Renfrew VE, Vancouver East Real Estate | Scottsdale, N. Delta Real Estate | Seafair, Richmond Real Estate | South Meadows, Pitt Meadows Real Estate | Steveston South, Richmond Real Estate | Sullivan Station, Surrey Real Estate | Tsawwassen East, Tsawwassen Real Estate | Uptown NW, New Westminster Real Estate | Vancouver Heights, Burnaby North Real Estate | West Central, Maple Ridge Real Estate | Whalley, North Surrey Real Estate | Yaletown, Vancouver West Real Estate