Metro Vancouver's housing market saw more moderate sales, listings and pricing trends in July compared to the heightened activity experienced throughout much of the pandemic.
The Real Estate Board of Greater Vancouver saw residential homes sales total 3,326 for July 2021 which is a 6.3% increase from this time last year (3,128) and a 11.6% decrease from June 2021 (3,762). Last month's sales were 13.3% above the 10-year July sales average.
Newly listed properties in July for Metro Vancouver reached 4,377 for all property types. This equates to a 25.5% decrease from June 2021 (5,849) and a 26.4% decrease compared to July 2020 (5,948).
Analysts generally agree that downward pressure on home prices occur when the sales-to-active ratio dips below 12% which is referred to as a Buyer’s Market, whereas home prices experience upward pressure when it goes beyond 20%, also referred to as a Seller’s Market. A Balanced Market is between the two. Metro Vancouver saw an increase in the combined sales-to-active ratio from last month keeping us in a Seller's Market.
Broken down by property type, the sales-to-active ratio for July is 25.5% for detached homes, 47.8% for townhouses, and 37.3% for condos. This means that townhouses are in a Seller's Market, condos are in a Seller's Market as well and the detached sector is still in a Seller's Market.
The Real Estate Board of Greater Vancouver reports that the composite benchmark price is currently above $1 million at $1,175,500 and is unchanged from June 2021.
The total sales for July 2021 were 3,060. This works out to 1,050 detached homes with a benchmark price of $1,801,100, 610 townhouses with a benchmark price of $949,400 and 1,400 apartments with a benchmark price of $736,900.
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