Vancouver West Houses
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release notes that it’s still too soon to verify any effect on the Greater Vancouver Real Estate market attributable to the new 15 percent Foreign Buyers Property Transfer Tax. However the traditional holiday lethargy that skipped the summer of 2015 held on last month. Not only that but for the first time in 2016, last month did not exceed the 10 year average for its month. Metro Vancouver residential sales drop 26 percent last month compared to the extraordinarily active August of 2015. New listings of all property types increase a minimal 0.3 percent year to year but the total inventory of listed properties is down by 21.9 percent August to August. Composite value is up 31.4 percent year to year.
The graph shows the average price for Greater Vancouver detached properties falling precipitously from July to August by 16.7 percent. However the benchmark price for detached houses last month compared to August 2015 is up 35.8 percent. House sales volume is down 44.6 percent year to year.
Last month versus August 2015 Vancouver west detached prices are 34.2 percent higher. Year to year west side detached sales deflate 58.8 percent. We see an inventory drop of 13.8 percent August to August.
July to August sales of west side houses go down 43.5 percent. Month to month detached inventory is reduced by 31.1 percent.