Home buyer and seller activity in Metro Vancouver exceeded historical levels in July.
The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 3,128 in July, a 22.3 per cent increase from the 2,557 sales recorded last July and a 28 per cent increase from the 2,443 homes sold in June of this year.
Last month’s sales were 9.4 per cent above the 10-year July sales average.
“We're seeing the results today of pent up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” said Real Estate Board of Greater Vancouver chair Colette Gerber. “Low interest rates and limited overall supply are also increasing competition across our market.”
There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in July. This represents a 28.9 per cent increase compared to the 4,613 homes listed last July and a 2.8 per cent increase compared to June when 5,787 homes were listed.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 12,083, a 15.1 per cent decrease compared to last July (14,240) and a 5.8 per cent increase compared to June 2020 (11,424).
“Safety remains the top priority for our realtor community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”
For all property types, the sales-to-active listings ratio for July is 25.9 per cent. By property type, the ratio is 25.1 per cent for detached homes, 31.1 per cent for townhomes and 24.7 per cent for apartments.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400. This represents a 4.5 per cent increase over last July and a 0.6 per cent increase compared to June 2020.
Sales of detached homes in July reached 1,121, a 33.3 per cent increase from the 841 detached sales recorded during the same month last year. The benchmark price for a detached home is $1,477,800. This represents a five per cent increase from last July and a 0.9 per cent increase compared to June.
Sales of apartment homes reached 1,400 in July, a 12.6 per cent increase compared to the 1,243 sales a year earlier. The benchmark price of an apartment property is $682,500. This represents a 4.2 per cent increase from July 2019 and a 0.3 per cent increase compared to June.
Attached home sales in July totalled 607, a 28.3 per cent increase compared to the 473 sales last July. The benchmark price of an attached home is $797,700. This represents a 3.7 per cent increase from a year ago and a 0.9 per cent increase compared to June.