Home sales fell 7.8% in July across Greater Vancouver, according to Canadian Real Estate Association statistics released August 15, bringing the total sales to 2,672 for the month.
This made up more than 38% of all sales across the province, which were 6,950 units for the month. This is a dip of 2.6% compared with June.
Nationally, the total number of units sold was 41,476 – an increase of 0.8%.
“On the surface, national sales activity in July was similar to what we saw in May and June,” said CREA president Beth Crosbie.
“That said, July sales picked up in markets that struggled to gain traction in the spring, while activity eased slightly in some of Canada's largest urban markets.”
The average sale price of homes in Vancouver was $824,352. This is a month-over-month increase of 2.6% from $803,287 in June. The average price in British Columbia was $562,505, which is up 0.7% compared with a month ago.
The average selling price for homes across Canada in June was $404,490. This means Vancouver homes sold for 99% higher than the national average. Vancouver homes sold for 43% higher than homes in Toronto, the city with the second-highest sales price in July ($560,882).
All figures are seasonally adjusted and are compiled from MLS systems from real estate boards and associations across Canada, including the British Columbia Real Estate Association.
