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Blog by Don Kennedy

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Vancouver West Houses 17 7

July Statistics

Attached please find the latest statistics from the Real Estate Board of Greater Vancouver.


The News Release describes the Metro Vancouver July Real Estate Market as having reached a typical summer level, almost at par with the 10 year average for the month.  Buyers however are enjoying the most selection of any time so far in 2017. Strata properties on average are selling in half the time of houses so although in general there is not yet evidence we have reached a point where downward pressure is expected on prices, on its own the single detached property is getting close. In July 2017 total residential sales drop 8.2 percent from the previous July. Year to year new listings are 0.3 percent higher and the total inventory of listed properties is up by 10.1 percent. July to July the composite value of all Metro Vancouver properties is up 8.7 percent.


The graph shows that the average price for Metro Vancouver detached properties ticks downward by 0.7 percent from June to July. The benchmark price for detached houses last month compared to July 2016 is up 1.9 percent. The volume of house sales is down 11.9 percent year to year.


Last month versus July 2016 Vancouver west detached prices are 2.1 percent higher. Year to year west side house sales are down by 31.5 percent. July to July inventory is 12.1 percent lower.


June to July sales of west side houses are down by 33.9 percent. Month to month detached inventory falls 29.9 percent.