VANCOUVER EAST JULY TOWNHOME MARKET
Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.
The News Release outlines a start to summer that is even slower than usual. A bearish effect from higher interest rates and new stringent mortgage rules on both Buyers and Sellers is resulting in less upward pressure on prices. This is particularly so regarding detached properties which, going by the sales-to-active-listings ration, have entered into Buyer’s market territory. Last month total residential sales are down 30.1 percent compared to July 2017. July to July new listings decrease 9.2 percent but the total inventory of listed properties is up 32 percent year to year. Last month the composite value of all Metro Vancouver properties increases 6.7 percent over the previous July.
The graph repeats a minor decrease from June to July for the average attached unit price in Metro Vancouver, this time by 0.2 percent. Last month compared to July 2017 the benchmark townhouse price rises by 12.1 percent. Year to year the volume of townhome sales is down 34.8 percent.
Last month versus July 2017 Vancouver east townhouse prices increase 4.4 percent. Year to year attached unit sales decline by 35.5 percent. This July inventory is at par with the previous July.
East side attached sales fall by 25.6 percent from June to July. Month to month Vancouver east attached inventory is less by 18.4 percent.