Home sales across Metro Vancouver dipped in July, bringing market activity down to levels typically seen in the summer months, but the benchmark price for all property types reached a new high, according to the Real Estate Board of Greater Vancouver (REBGV).
The benchmark price, when looking at all home types, exceeded $1 million for the first time ever last month, reaching $1,019,400 – a 2.1% increase compared with June and an 8.7% jump compared with July 2016.
A total of 2,960 homes changed hands last month, which is an 8.2% decrease compared with 3,226 homes sold in July 2016. It is also down 24% compared with June 2017 in which 3,893 sales were registered.
Last month’s sales were 0.7% above the 10-year sales average for the month of July. REBGV president Jill Oudil said demand is inconsistent across Metro Vancouver.
“Pockets of the market are still receiving multiple offers, and others are not,” she said. “It depends on price, property type and location.
“For example, it’s taking twice as long, on average, for a detached home to sell compared with both townhomes and condominiums.”
In July, 949 detached properties were sold, which is a drop of 11.9% year-over-year. The benchmark price for this home type was $1,612,400 – an increase of 1.5% compared with June and 1.9% year-over-year.
A total of 1,468 apartment property sales took place in the month, which is down 8.4% compared with 1,602 sales in July 2016. The benchmark price increased 18.5% year-over-year to $616,600.
For attached properties, 543 units sold in the month, which is a drop of 0.7% compared with 547 sales one year ago. The benchmark price for townhomes was $763,700 – an increase of 11.9% compared with July 2016.
REBGV stats include those for Vancouver, West Vancouver, North Vancouver, Burnaby, Coquitlam, New Westminster, Richmond, Port Moody, Port Coquitlam, Pitt Meadows, Maple Ridge, South Delta, Whistler, the Sunshine Coast and Squamish. They do not include Surrey or Langley.
@EmmaHampelBIV
