Greater Vancouver’s residential real estate market prices continue to far outweigh those in the rest of the country, but the area’s average price actually dipped slightly in July, according to Canadian Real Estate Association (CREA) data released August 14.
The average home sold for $890,164 in the month – down 3.5% compared with June’s average sale price of $922,867.
The Fraser Valley had an average sale price of $567,377, followed by Victoria at $519,575. Nationally, the average home sale price is still less than half of Greater Vancouver’s average, at $441,464. The highest home sale price outside of Vancouver was found in the Greater Toronto area (GTA), at $622,637. This represents a 0.2% dip compared to the average sale price of $623,637 in June.
“While average prices in Toronto and Vancouver were down in July relative to June, both remain well above year-ago levels, suggesting these markets are still hot,” said Dina Ignjatovic, economist at TD Economics.
“July’s performance is consistent with our view that average home price growth will moderate over the second half of this year as demand starts to shift toward less expensive markets.
“Overall, while risks for Canada’s two hottest markets remain, they are unlikely to intensify.”
A total of 3,548 homes changed hands in July in Greater Vancouver, which is up 0.7% compared with a month prior.
Nationwide, 42,640 homes were sold in the month, which is down 0.4% compared with 42,819 homes sold in June.
"It's fair to say that the strength of national sales is still a story about two cities, but it's equally about how trends there are spreading out in their respective provinces," said CREA chief economist Gregory Klump. "Trends in British Columbia and Ontario have a big influence on the national figures, since they account for about 60% of national housing activity.
“As a result, the national picture reflects how demand is running high for the short supply of single family homes in and around the GTA while the balance between supply and demand is tightening in B.C.'s Lower Mainland.”
All CREA numbers are seasonally adjusted and compiled from select MLS systems from across the country, including the British Columbia Real Estate Association.
