Housing Supply Up, Demand Down, Prices Strong

The Real Estate Board of Greater Vancouver (REBGV) announced a quieter summer than usual, with July residential housing sales in Metro Vancouver reaching their lowest levels for that month since the year 2000. The MLS® Home Price Index composite benchmark price for all residential properties in July rose year-over-year, however, with a 6.7 percent increase from July 2017 to $1,087,500 in July 2018.

"Summer is traditionally a quieter time of year in real estate. This is particularly true this year," Phil Moore, REBGV president said. "With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being."

Sales of detached properties in July 2018 reached 637, a decrease of 32.9 percent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties came in at $1,588,400 in July 2018, a 1.5 percent decrease from July 2017. Sales of apartment properties reached 1,079, a decrease of 26.5 percent from July 2017, while the benchmark price increased 13.6 percent year-over-year to $700,500. Attached property sales in July 2018 totaled 354, a decrease of 34.8 percent compared to sales in July 2017, while the benchmark price of an attached unit rose by 12.1 percent to $856,000.

If you're looking to move, you'll be interested in checking out all of your housing choices. The total number of properties currently listed for sale on the MLS® system in Metro Vancouver was 12,137 in July, a 32 percent increase compared to July 2017.

Please call today for the latest housing availability and prices in your preferred location!