VANCOUVER WEST JULY HOUSE 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 shows the average price of Metro Vancouver detached properties dropping a significant 8.3 percent from June to July. The benchmark price for detached houses last month compared to July 2017 is up 1.5 percent. The volume of house sales is down year to year by 32.9 percent.
Last month versus July 2017 Vancouver west detached prices are 8.4 percent lower. Year to year west side house sales are down by 21.6 percent. July to July inventory falls 23 percent.
June to July this year sales of west side houses diminish 27.5 percent. Month to month detached inventory declines 21.4 percent.