Vancouver saw a rise in temperature and an upswing in home sales for July 2019! The Greater Vancouver Real Estate Market reports that the composite benchmark price remain below $1 million for the second month. The benchmark price for July 2019 was $995,200.

The Real Estate Board of Greater Vancouver reports that home sales in Metro Vancouver were 2,557 for July. This is a 23.1% increase from June 2019 (2,077) and a 23.5% increase from this time last year (2,070).

Newly listed properties in July for Metro Vancouver reached 4,613 for all property types. This equates to a 2.9% decrease from June 2019 (4,751) and an 3.3% decrease compared to July 2018 (4,770).

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 putting us in the higher end of a balanced market with 18%.

Broken down by property type, the sales-to-active ratio for July was 13.5% for detached homes, 20% for townhouses, and 22% for condos. This means that both townhouses and condos have moved into a Seller's Market whereas the detached sector has jumped into a Balanced Market.

The benchmark price for all residential homes was $995,200. The benchmark price is 0.3% lower than June 2019 and a 9.4% decrease since July 2018.

The total sales for July 2019 were 2,557. This works out to 841 detached homes with a benchmark price of $1,417,000, 473 townhouses with a benchmark price of $770,000, and 1,243 apartments with a benchmark price of $653,200.

Ready to jump into the market? Whether you’re looking to buy, sell, or learn more about what this means for you, reach out to us today!


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.